Zacks Investment Research upgraded shares of Integrated Device Technology Inc. (NASDAQ:IDTI) from a hold rating to a buy rating in a research report report published on Tuesday morning. Zacks Investment Research currently has $24.00 target price on the stock.
According to Zacks, “Integrated Device Technology, Inc. designs, develops, manufactures and markets a broad range of high-performance semiconductor products and modules. Applications for the company’s products include data and telecommunications equipment, such as routers, hubs, switches, cellular base stations and other devices; personal computers; and networked peripherals and servers, such as RAID arrays, servers, and printers. “
A number of other brokerages also recently weighed in on IDTI. Vetr upgraded shares of Integrated Device Technology from a buy rating to a strong-buy rating and set a $26.00 price objective on the stock in a research report on Wednesday, June 15th. Roth Capital began coverage on shares of Integrated Device Technology in a report on Wednesday, September 28th. They set a buy rating and a $26.00 target price for the company. Needham & Company LLC reaffirmed a buy rating and set a $25.00 target price (down from $27.00) on shares of Integrated Device Technology in a report on Tuesday, August 2nd. Charter Equity cut shares of Integrated Device Technology from a buy rating to a mkt perform rating in a report on Tuesday, August 2nd. Finally, Craig Hallum reduced their target price on shares of Integrated Device Technology from $27.00 to $25.00 and set a buy rating for the company in a report on Tuesday, August 2nd. One investment analyst has rated the stock with a sell rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. Integrated Device Technology currently has an average rating of Buy and a consensus price target of $26.07.
Integrated Device Technology (NASDAQ:IDTI) opened at 21.05 on Tuesday. The company has a market cap of $2.83 billion, a PE ratio of 17.07 and a beta of 2.02. The firm’s 50 day moving average is $21.26 and its 200 day moving average is $20.98. Integrated Device Technology has a 52-week low of $16.22 and a 52-week high of $29.04.
Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, August 1st. The company reported $0.36 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.36. The company had revenue of $192.10 million for the quarter, compared to the consensus estimate of $191.06 million. Integrated Device Technology had a net margin of 24.36% and a return on equity of 25.27%. The firm’s revenue for the quarter was up 19.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.31 earnings per share. Analysts forecast that Integrated Device Technology will post $1.41 EPS for the current fiscal year.
In related news, VP Mario Montana sold 217,254 shares of the firm’s stock in a transaction on Thursday, August 18th. The shares were sold at an average price of $19.72, for a total transaction of $4,284,248.88. Following the completion of the transaction, the vice president now directly owns 144,260 shares of the company’s stock, valued at $2,844,807.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 1.38% of the company’s stock.
A number of institutional investors have recently bought and sold shares of IDTI. Aperio Group LLC boosted its position in Integrated Device Technology by 39.1% in the first quarter. Aperio Group LLC now owns 27,763 shares of the company’s stock valued at $567,000 after buying an additional 7,807 shares during the last quarter. Los Angeles Capital Management & Equity Research Inc. boosted its position in Integrated Device Technology by 30.0% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 99,985 shares of the company’s stock valued at $2,044,000 after buying an additional 23,090 shares during the last quarter. Royce & Associates LP boosted its position in Integrated Device Technology by 118.1% in the first quarter. Royce & Associates LP now owns 386,100 shares of the company’s stock valued at $7,892,000 after buying an additional 209,100 shares during the last quarter. Huntington Asset Advisors Inc. bought a new position in Integrated Device Technology during the first quarter valued at $102,000. Finally, NWQ Investment Management Company LLC boosted its position in Integrated Device Technology by 86.8% in the first quarter. NWQ Investment Management Company LLC now owns 1,441,171 shares of the company’s stock valued at $29,458,000 after buying an additional 669,500 shares during the last quarter. 89.96% of the stock is owned by institutional investors.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Integrated Device Technology Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Integrated Device Technology Inc. and related companies with MarketBeat.com's FREE daily email newsletter.