Integrated Device Technology, Inc. (NASDAQ:IDTI) Stock Rating Reaffirmed by Needham & Company LLC

Integrated Device Technology, Inc. (NASDAQ:IDTI)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report issued on Tuesday, August 1st.

The analysts wrote, “After issuing out quarter revenue guidance that fell short of expectations in five out of the last six quarters, IDTI provided better than expected F2Q18 revenue guidance in addition to reporting strong F1Q18 results. With three product cycles (memory interface, wireless power and sensors) ramping, we forecast revenue growth will accelerate into F2H18. IDT should overcome a flat communications market with growth driven by market share gains and new product launches. Management reiterated confidence in its memory interface market position ahead of the ramp of Intel’s Purley server platform. Other drivers include growth in advanced sensing products, the launch of new mmwave products and the ramp of 100G optical products.””

Several other brokerages have also recently issued reports on IDTI. Barclays PLC reaffirmed an “underweight” rating on shares of Integrated Device Technology in a research note on Friday, July 21st. Zacks Investment Research cut shares of Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Bank of America Corporation cut shares of Integrated Device Technology from a “neutral” rating to an “underperform” rating and set a $27.00 price objective for the company. in a research note on Tuesday, August 1st. Longbow Research assumed coverage on shares of Integrated Device Technology in a report on Friday, June 9th. They issued a “buy” rating and a $31.00 target price on the stock. Finally, Pacific Crest reiterated an “overweight” rating and issued a $30.00 target price on shares of Integrated Device Technology in a report on Wednesday, June 21st. Three analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $27.82.

Integrated Device Technology (IDTI) opened at 23.36 on Tuesday. The company has a 50 day moving average of $25.29 and a 200-day moving average of $24.56. The company has a market cap of $3.12 billion, a P/E ratio of 30.34 and a beta of 1.97. Integrated Device Technology has a one year low of $19.35 and a one year high of $27.09.

Integrated Device Technology (NASDAQ:IDTI) last announced its quarterly earnings data on Monday, July 31st. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.07. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. The business had revenue of $196.71 million for the quarter, compared to analysts’ expectations of $195.10 million. During the same period in the prior year, the company posted $0.36 EPS. The firm’s revenue was up 2.4% on a year-over-year basis. On average, equities analysts expect that Integrated Device Technology will post $1.49 earnings per share for the current fiscal year.

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In other news, VP Matthew D. Brandalise sold 14,876 shares of the company’s stock in a transaction that occurred on Thursday, May 25th. The shares were sold at an average price of $25.91, for a total value of $385,437.16. Following the transaction, the vice president now directly owns 91,260 shares in the company, valued at approximately $2,364,546.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Gregory L. Waters sold 170,718 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The stock was sold at an average price of $24.36, for a total transaction of $4,158,690.48. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 261,731 shares of company stock worth $6,441,260. Company insiders own 1.24% of the company’s stock.

Several institutional investors have recently modified their holdings of IDTI. Alps Advisors Inc. raised its position in shares of Integrated Device Technology by 0.3% in the second quarter. Alps Advisors Inc. now owns 19,844 shares of the semiconductor company’s stock valued at $512,000 after buying an additional 51 shares in the last quarter. Northwestern Mutual Investment Management Company LLC increased its stake in shares of Integrated Device Technology by 0.3% in the second quarter. Northwestern Mutual Investment Management Company LLC now owns 23,071 shares of the semiconductor company’s stock valued at $464,000 after buying an additional 78 shares during the last quarter. Capstone Asset Management Co. increased its stake in shares of Integrated Device Technology by 0.6% in the second quarter. Capstone Asset Management Co. now owns 16,421 shares of the semiconductor company’s stock valued at $423,000 after buying an additional 100 shares during the last quarter. Oakbrook Investments LLC increased its stake in shares of Integrated Device Technology by 1.5% in the second quarter. Oakbrook Investments LLC now owns 9,850 shares of the semiconductor company’s stock valued at $254,000 after buying an additional 150 shares during the last quarter. Finally, Autus Asset Management LLC increased its stake in shares of Integrated Device Technology by 0.3% in the second quarter. Autus Asset Management LLC now owns 59,545 shares of the semiconductor company’s stock valued at $1,536,000 after buying an additional 175 shares during the last quarter. Hedge funds and other institutional investors own 93.33% of the company’s stock.

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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