Suffolk Capital Management LLC Buys 29,342 Shares of Integrated Device Technology Inc (IDTI)

Suffolk Capital Management LLC increased its position in Integrated Device Technology Inc (NASDAQ:IDTI) by 76.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 67,661 shares of the semiconductor company’s stock after buying an additional 29,342 shares during the period. Suffolk Capital Management LLC owned about 0.05% of Integrated Device Technology worth $1,602,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Alliancebernstein L.P. raised its stake in shares of Integrated Device Technology by 28.8% in the first quarter. Alliancebernstein L.P. now owns 3,093,168 shares of the semiconductor company’s stock worth $73,215,000 after buying an additional 692,356 shares in the last quarter. Dynamic Technology Lab Private Ltd raised its stake in shares of Integrated Device Technology by 25.5% in the first quarter. Dynamic Technology Lab Private Ltd now owns 10,797 shares of the semiconductor company’s stock worth $256,000 after buying an additional 2,197 shares in the last quarter. American International Group Inc. raised its stake in shares of Integrated Device Technology by 3.8% in the first quarter. American International Group Inc. now owns 344,799 shares of the semiconductor company’s stock worth $8,161,000 after buying an additional 12,555 shares in the last quarter. Arizona State Retirement System raised its stake in shares of Integrated Device Technology by 7.2% in the first quarter. Arizona State Retirement System now owns 55,500 shares of the semiconductor company’s stock worth $1,314,000 after buying an additional 3,714 shares in the last quarter. Finally, Frontier Capital Management Co. LLC raised its stake in shares of Integrated Device Technology by 12.7% in the first quarter. Frontier Capital Management Co. LLC now owns 5,078,784 shares of the semiconductor company’s stock worth $120,215,000 after buying an additional 572,713 shares in the last quarter. 93.63% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Integrated Device Technology (NASDAQ:IDTI)

Shares of Integrated Device Technology Inc (NASDAQ:IDTI) remained flat at $25.86 during trading on Friday. The company had a trading volume of 1,700,399 shares. The stock has a market capitalization of $3.44 billion, a price-to-earnings ratio of 32.37 and a beta of 2.11. Integrated Device Technology Inc has a 12-month low of $18.49 and a 12-month high of $26.66. The company’s 50-day moving average is $23.83 and its 200 day moving average is $24.22.

Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings results on Monday, May 1st. The semiconductor company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The company had revenue of $175.70 million during the quarter, compared to the consensus estimate of $175.05 million. Integrated Device Technology had a net margin of 21.82% and a return on equity of 23.43%. The firm’s quarterly revenue was down 7.2% compared to the same quarter last year. During the same quarter last year, the firm earned $0.36 earnings per share. Analysts expect that Integrated Device Technology Inc will post $1.50 EPS for the current fiscal year.

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A number of brokerages have commented on IDTI. Zacks Investment Research raised Integrated Device Technology from a “sell” rating to a “hold” rating in a report on Wednesday, May 3rd. Needham & Company LLC reissued a “buy” rating and set a $28.00 price objective on shares of Integrated Device Technology in a report on Tuesday, April 18th. Goldman Sachs Group Inc began coverage on Integrated Device Technology in a report on Monday, April 17th. They set a “neutral” rating and a $24.00 price objective for the company. Bank of America Corp lowered Integrated Device Technology from a “buy” rating to a “neutral” rating in a report on Thursday, February 16th. Finally, Loop Capital reissued a “buy” rating and set a $27.00 price objective on shares of Integrated Device Technology in a report on Tuesday, January 31st. One research analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $26.13.

In related news, CFO Brian C. White sold 19,054 shares of the firm’s stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $24.04, for a total transaction of $458,058.16. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Sailesh Chittipeddi sold 2,834 shares of the firm’s stock in a transaction that occurred on Monday, April 17th. The shares were sold at an average price of $23.21, for a total transaction of $65,777.14. Following the sale, the senior vice president now directly owns 172,633 shares of the company’s stock, valued at approximately $4,006,811.93. The disclosure for this sale can be found here. Insiders have sold 140,868 shares of company stock valued at $3,421,783 in the last three months. 1.38% of the stock is owned by insiders.

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.

12 Month Chart for NASDAQ:IDTI

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