Integrated Device Technology, Inc. (IDTI) Lowered to “Sell” at Zacks Investment Research

Zacks Investment Research downgraded shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) from a hold rating to a sell rating in a report released on Tuesday.

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 subject of a number of other research reports. Susquehanna assumed coverage on Integrated Device Technology in a report on Tuesday, December 20th. They set a positive rating and a $30.00 target price for the company. Brean Capital restated a buy rating and issued a $25.00 price objective (up previously from $23.00) on shares of Integrated Device Technology in a report on Wednesday, November 2nd. Charter Equity upgraded Integrated Device Technology from a market perform rating to a buy rating in a report on Tuesday, November 1st. Pacific Crest restated an overweight rating and issued a $30.00 price objective on shares of Integrated Device Technology in a report on Wednesday, January 4th. Finally, Roth Capital began coverage on Integrated Device Technology in a report on Wednesday, September 28th. They issued a buy rating and a $26.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the stock. Integrated Device Technology currently has a consensus rating of Buy and a consensus price target of $26.35.

Analyst Recommendations for Integrated Device Technology (NASDAQ:IDTI)

Integrated Device Technology (NASDAQ:IDTI) traded up 1.08% during trading on Tuesday, hitting $25.26. The company had a trading volume of 1,431,869 shares. The stock has a 50-day moving average of $24.38 and a 200-day moving average of $21.83. The stock has a market capitalization of $3.39 billion, a PE ratio of 22.22 and a beta of 2.15. Integrated Device Technology has a one year low of $16.22 and a one year high of $25.87.

Integrated Device Technology (NASDAQ:IDTI) last released its earnings results on Monday, October 31st. The company reported $0.34 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.33 by $0.01. The firm earned $184.10 million during the quarter, compared to analysts’ expectations of $183.99 million. Integrated Device Technology had a return on equity of 25.09% and a net margin of 21.49%. The company’s revenue was up 8.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.35 EPS. On average, equities analysts anticipate that Integrated Device Technology will post $1.39 EPS for the current year.

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In other Integrated Device Technology news, VP David Shepard sold 37,787 shares of the business’s stock in a transaction on Friday, December 16th. The shares were sold at an average price of $24.91, for a total transaction of $941,274.17. Following the sale, the vice president now owns 86,968 shares of the company’s stock, valued at $2,166,372.88. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Matthew D. Brandalise sold 9,500 shares of the business’s stock in a transaction on Wednesday, November 23rd. The stock was sold at an average price of $25.53, for a total transaction of $242,535.00. Following the sale, the vice president now directly owns 71,073 shares in the company, valued at approximately $1,814,493.69. The disclosure for this sale can be found here. Company insiders own 1.38% of the company’s stock.

Several hedge funds have recently bought and sold shares of the company. Chartwell Investment Partners LLC bought a new stake in Integrated Device Technology during the third quarter worth $25,018,000. The Manufacturers Life Insurance Company bought a new stake in Integrated Device Technology during the third quarter worth $21,296,000. State of Wisconsin Investment Board boosted its stake in Integrated Device Technology by 1,234.8% in the third quarter. State of Wisconsin Investment Board now owns 694,100 shares of the company’s stock worth $16,034,000 after buying an additional 642,100 shares during the last quarter. Peregrine Capital Management LLC bought a new stake in Integrated Device Technology during the third quarter worth $13,897,000. Finally, BlackRock Advisors LLC boosted its stake in Integrated Device Technology by 126.1% in the second quarter. BlackRock Advisors LLC now owns 797,133 shares of the company’s stock worth $16,047,000 after buying an additional 444,600 shares during the last quarter. 94.55% of the stock is currently owned by hedge funds and other 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.

5 Day Chart for NASDAQ:IDTI

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