Barclays Reiterates Hold Rating for Integrated Device Technology (IDTI)

Barclays restated their hold rating on shares of Integrated Device Technology (NASDAQ:IDTI) in a research note published on Wednesday. Barclays currently has a $49.00 price objective on the semiconductor company’s stock.

IDTI has been the topic of several other research reports. Zacks Investment Research downgraded Integrated Device Technology from a buy rating to a hold rating in a research note on Wednesday, June 13th. BidaskClub downgraded Integrated Device Technology from a buy rating to a hold rating in a research note on Wednesday, August 1st. Cowen raised their price objective on Integrated Device Technology from $37.00 to $41.00 and gave the stock an outperform rating in a research note on Thursday, July 19th. Piper Jaffray Companies reaffirmed a buy rating and set a $37.50 price objective on shares of Integrated Device Technology in a research note on Tuesday, July 31st. Finally, Craig Hallum raised their price objective on Integrated Device Technology from $41.00 to $48.00 and gave the stock a buy rating in a research note on Tuesday, September 4th. Eight research analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus price target of $41.54.

Shares of Integrated Device Technology stock opened at $47.08 on Wednesday. The firm has a market cap of $6.04 billion, a P/E ratio of 37.07, a price-to-earnings-growth ratio of 3.19 and a beta of 1.90. Integrated Device Technology has a 12 month low of $25.11 and a 12 month high of $47.45. The company has a debt-to-equity ratio of 0.78, a quick ratio of 4.98 and a current ratio of 5.66.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, July 30th. The semiconductor company reported $0.44 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.43 by $0.01. The business had revenue of $228.52 million for the quarter, compared to the consensus estimate of $226.91 million. Integrated Device Technology had a return on equity of 26.05% and a net margin of 0.21%. The firm’s revenue was up 16.2% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. analysts expect that Integrated Device Technology will post 1.46 EPS for the current year.

In other Integrated Device Technology news, CEO Gregory L. Waters sold 15,000 shares of Integrated Device Technology stock in a transaction dated Monday, July 2nd. The stock was sold at an average price of $31.65, for a total value of $474,750.00. Following the sale, the chief executive officer now owns 780,370 shares of the company’s stock, valued at approximately $24,698,710.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Chris Allexandre sold 3,000 shares of Integrated Device Technology stock in a transaction dated Thursday, July 5th. The shares were sold at an average price of $33.00, for a total value of $99,000.00. Following the completion of the sale, the vice president now directly owns 73,569 shares in the company, valued at approximately $2,427,777. The disclosure for this sale can be found here. Insiders sold a total of 92,587 shares of company stock worth $3,345,315 in the last three months. Company insiders own 1.23% of the company’s stock.

Several large investors have recently added to or reduced their stakes in IDTI. Atria Investments LLC acquired a new stake in shares of Integrated Device Technology in the second quarter valued at about $200,000. Natixis acquired a new stake in shares of Integrated Device Technology in the first quarter valued at about $244,000. Susquehanna Fundamental Investments LLC acquired a new stake in shares of Integrated Device Technology in the first quarter valued at about $266,000. Teza Capital Management LLC acquired a new stake in shares of Integrated Device Technology in the first quarter valued at about $288,000. Finally, Trexquant Investment LP acquired a new stake in shares of Integrated Device Technology in the second quarter valued at about $295,000. 97.63% of the stock is currently owned by institutional investors and hedge funds.

About Integrated Device Technology

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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