Zacks Investment Research upgraded shares of Integrated Device Technology Inc. (NASDAQ:IDTI) from a hold rating to a buy rating in a research report released on Tuesday morning. Zacks Investment Research currently has $24.00 target price on the stock.
According to Zacks, “Integrated Device Technology, Inc. designs, develops, manufactures and markets a broad range of high-performance semiconductor products and modules. Applications for the company’s products include data and telecommunications equipment, such as routers, hubs, switches, cellular base stations and other devices; personal computers; and networked peripherals and servers, such as RAID arrays, servers, and printers. “
IDTI has been the topic of several other research reports. Charter Equity downgraded Integrated Device Technology from a buy rating to a mkt perform rating in a research note on Tuesday, August 2nd. JPMorgan Chase & Co. began coverage on Integrated Device Technology in a research note on Thursday, August 18th. They issued an overweight rating and a $26.00 price objective on the stock. Roth Capital began coverage on Integrated Device Technology in a research note on Wednesday, September 28th. They issued a buy rating and a $26.00 price objective on the stock. Craig Hallum dropped their price objective on Integrated Device Technology from $27.00 to $25.00 and set a buy rating on the stock in a research note on Tuesday, August 2nd. Finally, Vetr upgraded Integrated Device Technology from a buy rating to a strong-buy rating and set a $26.00 price objective on the stock in a research note on Wednesday, June 15th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and a consensus price target of $26.07.
Integrated Device Technology (NASDAQ:IDTI) opened at 19.73 on Tuesday. Integrated Device Technology has a 1-year low of $16.22 and a 1-year high of $29.04. The firm’s 50-day moving average price is $21.25 and its 200-day moving average price is $20.97. The company has a market cap of $2.65 billion, a price-to-earnings ratio of 16.00 and a beta of 2.02.
Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.36. Integrated Device Technology had a return on equity of 25.27% and a net margin of 24.36%. The firm had revenue of $192.10 million for the quarter, compared to the consensus estimate of $191.06 million. During the same quarter in the previous year, the business earned $0.31 EPS. The company’s revenue was up 19.4% compared to the same quarter last year. Equities research analysts forecast that Integrated Device Technology will post $1.41 EPS for the current fiscal year.
In other Integrated Device Technology news, VP Mario Montana sold 217,254 shares of the company’s stock in a transaction dated Thursday, August 18th. The shares were sold at an average price of $19.72, for a total transaction of $4,284,248.88. Following the completion of the sale, the vice president now directly owns 144,260 shares in the company, valued at $2,844,807.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.38% of the company’s stock.
Several hedge funds have recently bought and sold shares of IDTI. Invictus RG purchased a new stake in Integrated Device Technology during the first quarter worth $293,000. Renaissance Technologies LLC increased its position in Integrated Device Technology by 16.6% in the first quarter. Renaissance Technologies LLC now owns 2,845,753 shares of the company’s stock worth $58,167,000 after buying an additional 404,100 shares during the last quarter. Kennedy Capital Management Inc. bought a new position in Integrated Device Technology during the first quarter worth about $4,090,000. Geode Capital Management LLC increased its position in Integrated Device Technology by 3.5% in the first quarter. Geode Capital Management LLC now owns 1,225,379 shares of the company’s stock worth $25,046,000 after buying an additional 41,360 shares during the last quarter. Finally, Quadrature Capital Ltd bought a new position in Integrated Device Technology during the first quarter worth about $1,529,000. Institutional investors own 89.96% of the company’s stock.
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.