Integrated Device Technology (IDTI) Downgraded to Buy at BidaskClub

BidaskClub downgraded shares of Integrated Device Technology (NASDAQ:IDTI) from a strong-buy rating to a buy rating in a report published on Friday morning.

Several other equities research analysts have also commented on IDTI. KeyCorp upped their target price on Integrated Device Technology from $37.00 to $39.00 and gave the company an overweight rating in a research report on Thursday, July 5th. Zacks Investment Research upgraded Integrated Device Technology from a hold rating to a buy rating and set a $37.00 target price on the stock in a research report on Friday, July 6th. Cowen upped their target price on Integrated Device Technology from $37.00 to $41.00 and gave the company an outperform rating in a research report on Thursday, July 19th. Piper Jaffray Companies restated a buy rating and set a $37.50 target price on shares of Integrated Device Technology in a research report on Tuesday, July 31st. Finally, Craig Hallum upped their target price on Integrated Device Technology from $40.00 to $41.00 and gave the company a buy rating in a research report on Tuesday, July 31st. Nine analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Integrated Device Technology has a consensus rating of Hold and an average price target of $42.91.

Shares of NASDAQ IDTI traded up $0.23 during trading on Friday, reaching $46.87. The company had a trading volume of 2,271,284 shares, compared to its average volume of 2,725,086. Integrated Device Technology has a 12 month low of $26.96 and a 12 month high of $47.45. The firm has a market capitalization of $6.06 billion, a PE ratio of 33.01, a price-to-earnings-growth ratio of 3.22 and a beta of 1.69. The company has a current ratio of 4.65, a quick ratio of 4.98 and a debt-to-equity ratio of 0.77.

Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, October 29th. The semiconductor company reported $0.47 EPS for the quarter, beating the consensus estimate of $0.45 by $0.02. Integrated Device Technology had a return on equity of 29.69% and a net margin of 2.06%. The company had revenue of $235.48 million for the quarter, compared to analyst estimates of $234.07 million. As a group, analysts forecast that Integrated Device Technology will post 1.45 earnings per share for the current fiscal year.

In other Integrated Device Technology news, VP David Shepard sold 6,000 shares of the stock in a transaction that occurred on Tuesday, August 7th. The stock was sold at an average price of $35.82, for a total value of $214,920.00. Following the transaction, the vice president now owns 73,569 shares in the company, valued at $2,635,241.58. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Gregory L. Waters sold 20,000 shares of the stock in a transaction that occurred on Tuesday, September 4th. The stock was sold at an average price of $42.63, for a total value of $852,600.00. Following the completion of the transaction, the chief executive officer now owns 790,370 shares in the company, valued at approximately $33,693,473.10. The disclosure for this sale can be found here. In the last quarter, insiders sold 62,300 shares of company stock worth $2,760,903. Corporate insiders own 1.23% of the company’s stock.

A number of large investors have recently made changes to their positions in the business. Parnassus Investments CA bought a new position in Integrated Device Technology in the second quarter worth approximately $36,021,000. Victory Capital Management Inc. boosted its holdings in Integrated Device Technology by 1,258.5% in the second quarter. Victory Capital Management Inc. now owns 1,117,920 shares of the semiconductor company’s stock worth $35,640,000 after acquiring an additional 1,035,630 shares in the last quarter. Hodges Capital Management Inc. boosted its holdings in Integrated Device Technology by 4.2% in the second quarter. Hodges Capital Management Inc. now owns 1,109,054 shares of the semiconductor company’s stock worth $35,357,000 after acquiring an additional 44,830 shares in the last quarter. Glenmede Trust Co. NA boosted its holdings in Integrated Device Technology by 4.0% in the second quarter. Glenmede Trust Co. NA now owns 1,081,750 shares of the semiconductor company’s stock worth $34,486,000 after acquiring an additional 41,137 shares in the last quarter. Finally, Schwab Charles Investment Management Inc. boosted its holdings in Integrated Device Technology by 3.4% in the second quarter. Schwab Charles Investment Management Inc. now owns 906,584 shares of the semiconductor company’s stock worth $28,902,000 after acquiring an additional 29,558 shares in the last quarter. Institutional investors and hedge funds own 96.57% of the company’s stock.

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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