Bank of America Corp DE trimmed its stake in Integrated Device Technology Inc (NASDAQ:IDTI) by 42.3% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,120,152 shares of the semiconductor company’s stock after selling 821,086 shares during the quarter. Bank of America Corp DE owned 0.87% of Integrated Device Technology worth $35,711,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in IDTI. Atria Investments LLC bought a new stake in Integrated Device Technology in the second quarter worth $200,000. Natixis bought a new stake in Integrated Device Technology in the first quarter worth $244,000. Susquehanna Fundamental Investments LLC bought a new stake in Integrated Device Technology in the first quarter worth $266,000. Teza Capital Management LLC bought a new stake in Integrated Device Technology in the first quarter worth $288,000. Finally, Trexquant Investment LP bought a new stake in Integrated Device Technology in the second quarter worth $295,000. 97.62% of the stock is currently owned by institutional investors and hedge funds.
In other Integrated Device Technology news, VP Chris Allexandre sold 3,000 shares of the stock in a transaction dated Thursday, July 5th. The stock was sold at an average price of $33.00, for a total value of $99,000.00. Following the transaction, the vice president now owns 73,569 shares of the company’s stock, valued at $2,427,777. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, SVP Sailesh Chittipeddi sold 33,300 shares of the stock in a transaction dated 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 directly owns 193,095 shares in the company, valued at approximately $9,077,395.95. The disclosure for this sale can be found here. In the last three months, insiders sold 109,300 shares of company stock worth $4,335,013. 1.23% of the stock is owned by corporate insiders.
Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, July 30th. The semiconductor company reported $0.44 earnings per share for the quarter, beating analysts’ consensus estimates of $0.43 by $0.01. Integrated Device Technology had a return on equity of 26.05% and a net margin of 0.21%. The company had revenue of $228.52 million for the quarter, compared to the consensus estimate of $226.91 million. During the same quarter in the prior year, the company earned $0.33 earnings per share. Integrated Device Technology’s revenue was up 16.2% on a year-over-year basis. research analysts predict that Integrated Device Technology Inc will post 1.46 earnings per share for the current fiscal year.
IDTI has been the topic of a number of research analyst reports. Zacks Investment Research raised Integrated Device Technology from a “hold” rating to a “buy” rating and set a $40.00 price target on the stock in a report on Monday, August 6th. Piper Jaffray Companies upped their price target on Integrated Device Technology to $51.00 and gave the company an “overweight” rating in a report on Tuesday, September 4th. Craig Hallum upped their price target on Integrated Device Technology from $41.00 to $48.00 and gave the company a “buy” rating in a report on Tuesday, September 4th. Needham & Company LLC downgraded Integrated Device Technology from a “buy” rating to a “hold” rating and set a $25.00 price target on the stock. in a report on Tuesday, September 4th. They noted that the move was a valuation call. Finally, Cowen downgraded Integrated Device Technology from an “outperform” rating to a “market perform” rating and upped their price target for the company from $41.00 to $49.00 in a report on Tuesday, September 11th. Eight investment analysts have rated the stock with a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average price target of $41.54.
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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