$236.60 Million in Sales Expected for Integrated Device Technology Inc (IDTI) This Quarter

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Equities analysts expect Integrated Device Technology Inc (NASDAQ:IDTI) to report sales of $236.60 million for the current quarter, Zacks Investment Research reports. Four analysts have made estimates for Integrated Device Technology’s earnings. The lowest sales estimate is $233.67 million and the highest is $240.30 million. Integrated Device Technology posted sales of $217.08 million during the same quarter last year, which suggests a positive year-over-year growth rate of 9%. The firm is expected to report its next quarterly earnings results on Monday, February 4th.

According to Zacks, analysts expect that Integrated Device Technology will report full year sales of $940.59 million for the current year, with estimates ranging from $933.93 million to $949.10 million. For the next financial year, analysts forecast that the company will post sales of $1.01 billion, with estimates ranging from $1.01 billion to $1.02 billion. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Integrated Device Technology.

Integrated Device Technology (NASDAQ:IDTI) last released its earnings results on Monday, October 29th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.45 by $0.02. The company had revenue of $235.48 million during the quarter, compared to the consensus estimate of $234.07 million. Integrated Device Technology had a net margin of 2.06% and a return on equity of 29.69%.

Several equities research analysts have recently weighed in on IDTI shares. Cowen boosted their target price on shares of Integrated Device Technology from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, July 19th. BidaskClub raised shares of Integrated Device Technology from a “hold” rating to a “buy” rating in a research report on Friday, July 20th. Piper Jaffray Companies reissued a “buy” rating and issued a $37.50 target price on shares of Integrated Device Technology in a research report on Tuesday, July 31st. Craig Hallum boosted their target price on shares of Integrated Device Technology from $40.00 to $41.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Finally, Needham & Company LLC boosted their target price on shares of Integrated Device Technology from $38.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, July 31st. Nine research analysts have rated the stock with a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Integrated Device Technology has an average rating of “Hold” and an average price target of $42.91.

Shares of IDTI traded down $0.15 during midday trading on Wednesday, hitting $46.75. The company had a trading volume of 1,486,258 shares, compared to its average volume of 2,470,151. The company has a market capitalization of $6.05 billion, a P/E ratio of 36.81, a PEG ratio of 3.23 and a beta of 1.69. Integrated Device Technology has a 52 week low of $26.96 and a 52 week high of $47.45. The company has a debt-to-equity ratio of 0.77, a quick ratio of 4.17 and a current ratio of 4.65.

In other news, SVP Sailesh Chittipeddi sold 33,300 shares of the stock in a transaction on Friday, September 14th. The shares were sold at an average price of $47.01, for a total value of $1,565,433.00. Following the completion of the transaction, the senior vice president now owns 193,095 shares in the company, valued at approximately $9,077,395.95. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CEO Gregory L. Waters sold 20,000 shares of the stock in a transaction on Tuesday, September 4th. The shares were sold at an average price of $42.63, for a total transaction of $852,600.00. Following the completion of the transaction, the chief executive officer now owns 790,370 shares of the company’s stock, valued at approximately $33,693,473.10. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,300 shares of company stock valued at $2,545,983. Corporate insiders own 1.23% of the company’s stock.

Several hedge funds have recently made changes to their positions in the company. Alpine Associates Management Inc. bought a new position in shares of Integrated Device Technology in the 3rd quarter valued at about $95,985,000. Ontario Teachers Pension Plan Board raised its position in shares of Integrated Device Technology by 353.7% in the 3rd quarter. Ontario Teachers Pension Plan Board now owns 60,000 shares of the semiconductor company’s stock valued at $2,821,000 after acquiring an additional 46,774 shares during the period. FIL Ltd acquired a new stake in shares of Integrated Device Technology in the 3rd quarter valued at approximately $51,711,000. American International Group Inc. raised its position in shares of Integrated Device Technology by 0.7% in the 3rd quarter. American International Group Inc. now owns 346,622 shares of the semiconductor company’s stock valued at $16,295,000 after acquiring an additional 2,434 shares during the period. Finally, Alliancebernstein L.P. raised its position in shares of Integrated Device Technology by 68.9% in the 3rd quarter. Alliancebernstein L.P. now owns 354,638 shares of the semiconductor company’s stock valued at $16,672,000 after acquiring an additional 144,632 shares during the period. Institutional investors own 95.87% of the company’s stock.

Integrated Device Technology Company Profile

Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and industrial end-markets. It operates in two segments, Communications; and Computing, Consumer and Industrial. The Communications segment offers clocks and timing solutions; radio frequency products; flow-control management products, including multi-port products; telecommunication interface products; static random access memory products; first in and first out memories; digital logic products; optical interconnect and frequency control solutions; and Serial RapidIO switching solutions.

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