Integrated Device Technology Inc (IDTI) Receives $26.50 Consensus Target Price from Brokerages

Integrated Device Technology Inc (NASDAQ:IDTI) has been given an average rating of “Buy” by the seventeen research firms that are covering the company. One research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation, eleven have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $26.31.

A number of analysts have recently issued reports on the company. Zacks Investment Research raised Integrated Device Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, April 5th. Needham & Company LLC reaffirmed a “buy” rating and set a $28.00 target price on shares of Integrated Device Technology in a research report on Tuesday. Goldman Sachs Group Inc assumed coverage on Integrated Device Technology in a research report on Monday. They set a “neutral” rating and a $24.00 target price on the stock. Pacific Crest reaffirmed an “overweight” rating and set a $30.00 target price on shares of Integrated Device Technology in a research report on Wednesday, January 4th. Finally, Summit Redstone lowered Integrated Device Technology from a “buy” rating to a “hold” rating in a research report on Tuesday, January 31st.

In other Integrated Device Technology news, SVP Sailesh Chittipeddi sold 2,834 shares of Integrated Device Technology stock in a transaction that occurred on Monday, April 17th. The stock was sold at an average price of $23.21, for a total value of $65,777.14. Following the completion of the transaction, the senior vice president now directly owns 172,633 shares in the company, valued at $4,006,811.93. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Xianzhi Sean Fan sold 84,375 shares of Integrated Device Technology stock in a transaction that occurred on Friday, March 17th. The shares were sold at an average price of $24.49, for a total value of $2,066,343.75. Following the completion of the transaction, the vice president now owns 179,691 shares of the company’s stock, valued at $4,400,632.59. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 93,209 shares of company stock valued at $2,276,061. 1.38% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of IDTI. FMR LLC increased its position in shares of Integrated Device Technology by 244.3% in the fourth quarter. FMR LLC now owns 5,588,827 shares of the semiconductor company’s stock valued at $131,673,000 after buying an additional 3,965,800 shares in the last quarter. Frontier Capital Management Co. LLC increased its position in shares of Integrated Device Technology by 112.0% in the fourth quarter. Frontier Capital Management Co. LLC now owns 4,506,071 shares of the semiconductor company’s stock valued at $106,163,000 after buying an additional 2,380,645 shares in the last quarter. Norges Bank acquired a new position in shares of Integrated Device Technology during the fourth quarter valued at about $30,763,000. Thrivent Financial for Lutherans increased its position in shares of Integrated Device Technology by 5,572.1% in the fourth quarter. Thrivent Financial for Lutherans now owns 1,197,940 shares of the semiconductor company’s stock valued at $28,224,000 after buying an additional 1,176,820 shares in the last quarter. Finally, Chartwell Investment Partners LLC acquired a new position in shares of Integrated Device Technology during the third quarter valued at about $25,018,000. Institutional investors and hedge funds own 93.63% of the company’s stock.

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Shares of Integrated Device Technology (NASDAQ:IDTI) traded up 1.140% during trading on Tuesday, hitting $23.505. The stock had a trading volume of 1,188,898 shares. The stock has a market cap of $3.14 billion, a price-to-earnings ratio of 20.055 and a beta of 2.11. The company’s 50 day moving average price is $23.74 and its 200 day moving average price is $23.76. Integrated Device Technology has a 12 month low of $18.49 and a 12 month high of $26.66.

Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, January 30th. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. Integrated Device Technology had a return on equity of 23.43% and a net margin of 21.82%. The business had revenue of $176.40 million for the quarter, compared to analyst estimates of $176.20 million. During the same period in the previous year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Equities research analysts expect that Integrated Device Technology will post $1.40 earnings per share for the current fiscal year.

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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