Trading Report: The Integrated Device Technology Inc. (IDTI) Lifted to “Buy” at Zacks Investment Research

The Integrated Device Technology Inc. (IDTI) Lifted to “Buy” at Zacks Investment Research

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.

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