Integrated Device Technology, Inc. (NASDAQ:IDTI) Upgraded by Zacks Investment Research to “Hold”

Integrated Device Technology, Inc. (NASDAQ:IDTI) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Wednesday, October 18th.

According to Zacks, “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. It offers a range of mixed-signal solutions for the communications, computing, consumer, automotive and industrial segments. These products are used for development in areas, such as fourth generation (4G) infrastructure, network communications, cloud datacenters and power management for computing and mobile devices. It offers solutions in designing communications, computing, consumer, automotive and industrial applications. It markets its products to original equipment manufacturers (OEMs) through a range of channels, including direct sales, distributors and electronic manufacturing suppliers (EMSs). “

Other equities research analysts have also issued reports about the company. KeyCorp restated an “overweight” rating on shares of Integrated Device Technology in a research note on Thursday, September 14th. Susquehanna Bancshares Inc raised their price objective on Integrated Device Technology from $30.00 to $33.00 and gave the company a “positive” rating in a research report on Wednesday, June 28th. Pacific Crest reaffirmed an “overweight” rating and issued a $30.00 price target on shares of Integrated Device Technology in a report on Wednesday, June 21st. BidaskClub downgraded shares of Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Saturday, August 5th. Finally, Barclays PLC reaffirmed an “underweight” rating on shares of Integrated Device Technology in a research note on Friday, July 21st. Two research analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $31.58.

Shares of Integrated Device Technology (NASDAQ IDTI) traded up $1.71 during trading hours on Wednesday, reaching $33.01. The company had a trading volume of 3,518,073 shares, compared to its average volume of 1,452,150. The company has a current ratio of 5.42, a quick ratio of 4.80 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 results on Monday, October 30th. The semiconductor company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $200.99 million. Integrated Device Technology had a return on equity of 19.65% and a net margin of 13.32%. The business’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. research analysts predict that Integrated Device Technology will post 1.15 EPS for the current year.

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

Several institutional investors have recently bought and sold shares of IDTI. Riverhead Capital Management LLC lifted its holdings in shares of Integrated Device Technology by 77.4% in the 2nd quarter. Riverhead Capital Management LLC now owns 4,790 shares of the semiconductor company’s stock worth $124,000 after acquiring an additional 2,090 shares during the last quarter. Public Employees Retirement System of Ohio lifted its holdings in shares of Integrated Device Technology by 15.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock worth $127,000 after acquiring an additional 670 shares during the last quarter. Advisor Group Inc. lifted its holdings in shares of Integrated Device Technology by 13.7% in the 2nd quarter. Advisor Group Inc. now owns 4,964 shares of the semiconductor company’s stock worth $129,000 after acquiring an additional 600 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in Integrated Device Technology by 11.3% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,182 shares of the semiconductor company’s stock worth $134,000 after buying an additional 525 shares in the last quarter. Finally, Fortaleza Asset Management Inc. acquired a new stake in Integrated Device Technology during the 2nd quarter worth approximately $152,000. 96.20% of the stock is owned by institutional investors and hedge funds.

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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