Zacks Investment Research downgraded shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) from a buy rating to a hold rating in a research note published on Friday.

According to Zacks, “Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT’s market-leading products in RF, real-time interconnect, wireless power, and SmartSensors are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock MarketĀ® under the symbol IDTI. “

A number of other equities research analysts also recently weighed in on the company. KeyCorp restated a buy rating and set a $33.00 price target on shares of Integrated Device Technology in a research report on Wednesday. Bank of America Corporation raised their price objective on Integrated Device Technology from $27.00 to $30.00 and gave the company an underperform rating in a research note on Tuesday. Barclays PLC raised their price objective on Integrated Device Technology from $24.00 to $28.00 and gave the company an underweight rating in a research note on Tuesday. Summit Redstone raised Integrated Device Technology from a hold rating to a buy rating in a research note on Tuesday. Finally, Craig Hallum raised their price objective on Integrated Device Technology from $30.00 to $36.00 and gave the company a buy rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $31.58.

Shares of Integrated Device Technology (NASDAQ IDTI) traded up $0.29 during mid-day trading on Friday, hitting $31.30. The company had a trading volume of 1,251,222 shares, compared to its average volume of 1,449,689. The company has a quick ratio of 5.29, a current ratio of 5.42 and a debt-to-equity ratio of 0.62. The company has a market cap of $4,176.83, a PE ratio of 28.45, a P/E/G ratio of 3.02 and a beta of 1.98.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, October 30th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Integrated Device Technology had a return on equity of 19.65% and a net margin of 13.32%. The company had revenue of $204.40 million for the quarter, compared to the consensus estimate of $200.99 million. During the same quarter last year, the business posted $0.34 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. research analysts expect that Integrated Device Technology will post 1.15 EPS for the current year.

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In related news, VP Mario Montana sold 20,374 shares of the firm’s stock in a transaction dated Thursday, August 10th. The stock was sold at an average price of $24.43, for a total value of $497,736.82. Following the sale, the vice president now directly owns 67,443 shares of the company’s stock, valued at $1,647,632.49. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.24% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Greenwood Capital Associates LLC grew its stake in shares of Integrated Device Technology by 1.3% in the second quarter. Greenwood Capital Associates LLC now owns 18,604 shares of the semiconductor company’s stock worth $480,000 after purchasing an additional 234 shares during the last quarter. Alliancebernstein L.P. boosted its position in Integrated Device Technology by 5.1% during the 2nd quarter. Alliancebernstein L.P. now owns 3,252,085 shares of the semiconductor company’s stock valued at $83,871,000 after acquiring an additional 158,917 shares in the last quarter. Northern Trust Corp boosted its position in Integrated Device Technology by 1.7% during the 2nd quarter. Northern Trust Corp now owns 2,259,492 shares of the semiconductor company’s stock valued at $58,272,000 after acquiring an additional 37,579 shares in the last quarter. Legal & General Group Plc boosted its position in Integrated Device Technology by 23.6% during the 1st quarter. Legal & General Group Plc now owns 85,591 shares of the semiconductor company’s stock valued at $2,026,000 after acquiring an additional 16,315 shares in the last quarter. Finally, Vaughan Nelson Investment Management L.P. boosted its position in Integrated Device Technology by 57.4% during the 2nd quarter. Vaughan Nelson Investment Management L.P. now owns 2,487,425 shares of the semiconductor company’s stock valued at $64,151,000 after acquiring an additional 907,200 shares in the last quarter. 96.44% of the stock is currently owned by institutional investors.

About Integrated Device Technology

Integrated Device Technology, Inc develops system-level solutions that optimize its customers’ applications. The Company operates through two segments: the Communications, and the Computing, Consumer and Industrial. It offers products in radio frequency (RF), timing, wireless power transfer, serial switching, interfaces and sensing solutions.

Analyst Recommendations for Integrated Device Technology (NASDAQ:IDTI)

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