Integrated Device Technology (IDTI) Shares Down 5.4%

Integrated Device Technology Inc (NASDAQ:IDTI) was down 5.4% on Thursday . The company traded as low as $26.96 and last traded at $26.96. Approximately 2,126,798 shares traded hands during trading, an increase of 25% from the average daily volume of 1,706,504 shares. The stock had previously closed at $28.51.

A number of equities research analysts recently weighed in on IDTI shares. Craig Hallum lifted their price objective on shares of Integrated Device Technology from $30.00 to $36.00 and gave the company a “buy” rating in a report on Tuesday, October 31st. Barclays upgraded shares of Integrated Device Technology from an “underweight” rating to an “equal weight” rating and lifted their price objective for the company from $28.00 to $33.00 in a report on Wednesday, January 17th. KeyCorp lifted their price objective on shares of Integrated Device Technology from $33.00 to $37.00 and gave the company an “overweight” rating in a report on Tuesday, January 30th. Needham & Company LLC reiterated a “buy” rating and set a $38.00 price objective (up previously from $36.00) on shares of Integrated Device Technology in a report on Tuesday, January 30th. Finally, Zacks Investment Research upgraded shares of Integrated Device Technology from a “sell” rating to a “hold” rating in a report on Wednesday, October 18th. Two research analysts have rated the stock with a sell rating, four have given a hold rating and ten have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $33.38.

The company has a debt-to-equity ratio of 0.69, a quick ratio of 5.01 and a current ratio of 5.62. The company has a market capitalization of $3,600.00, a PE ratio of -898.67, a P/E/G ratio of 2.81 and a beta of 1.96.

Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, January 29th. The semiconductor company reported $0.42 EPS for the quarter, beating analysts’ consensus estimates of $0.41 by $0.01. The business had revenue of $217.10 million for the quarter, compared to the consensus estimate of $215.32 million. Integrated Device Technology had a negative net margin of 0.33% and a positive return on equity of 20.26%. The company’s revenue for the quarter was up 23.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.35 EPS. analysts expect that Integrated Device Technology Inc will post 1.15 EPS for the current year.

In other Integrated Device Technology news, SVP Brian C. White sold 15,583 shares of the firm’s stock in a transaction dated Friday, January 19th. The shares were sold at an average price of $33.00, for a total transaction of $514,239.00. Following the transaction, the senior vice president now owns 123,558 shares of the company’s stock, valued at approximately $4,077,414. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Brian C. White sold 23,297 shares of the firm’s stock in a transaction dated Monday, January 22nd. The shares were sold at an average price of $34.00, for a total transaction of $792,098.00. Following the transaction, the senior vice president now directly owns 131,272 shares in the company, valued at approximately $4,463,248. The disclosure for this sale can be found here. Insiders have sold a total of 81,120 shares of company stock worth $2,614,346 in the last three months. Insiders own 1.24% of the company’s stock.

Several institutional investors have recently modified their holdings of IDTI. Public Employees Retirement System of Ohio grew its position in shares of Integrated Device Technology by 15.7% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock worth $127,000 after buying an additional 670 shares during the last quarter. Advisor Group Inc. grew its position in shares of Integrated Device Technology by 13.7% in the 2nd quarter. Advisor Group Inc. now owns 4,964 shares of the semiconductor company’s stock worth $129,000 after buying an additional 600 shares during the last quarter. Thompson Davis & CO. Inc. grew its position in shares of Integrated Device Technology by 285.7% in the 4th quarter. Thompson Davis & CO. Inc. now owns 6,750 shares of the semiconductor company’s stock worth $201,000 after buying an additional 5,000 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Integrated Device Technology by 47.1% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,623 shares of the semiconductor company’s stock worth $227,000 after buying an additional 2,441 shares during the last quarter. Finally, Fortaleza Asset Management Inc. grew its position in shares of Integrated Device Technology by 50.7% in the 3rd quarter. Fortaleza Asset Management Inc. now owns 8,905 shares of the semiconductor company’s stock worth $237,000 after buying an additional 2,995 shares during the last quarter. 96.22% of the stock is currently owned by hedge funds and other institutional investors.

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Integrated Device Technology Company Profile

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.

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