Barclays PLC Increases Integrated Device Technology, Inc. (IDTI) Price Target to $28.00

Integrated Device Technology, Inc. (NASDAQ:IDTI) had its target price hoisted by equities research analysts at Barclays PLC from $24.00 to $28.00 in a note issued to investors on Tuesday. The brokerage presently has an “underweight” rating on the semiconductor company’s stock. Barclays PLC’s price objective would indicate a potential downside of 3.31% from the stock’s previous close.

A number of other research analysts have also recently commented on the company. Summit Redstone upgraded Integrated Device Technology from a “hold” rating to a “buy” rating in a research note on Tuesday. Craig Hallum upped their price target on Integrated Device Technology from $30.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday. Dougherty & Co upped their price target on Integrated Device Technology from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Tuesday. Needham & Company LLC upped their price target on Integrated Device Technology to $36.00 and gave the stock a “buy” rating in a research note on Tuesday. Finally, Loop Capital restated a “buy” rating and set a $36.00 price target (up from $29.00) on shares of Integrated Device Technology in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $30.85.

Shares of Integrated Device Technology (NASDAQ:IDTI) traded up 9.25% during midday trading on Tuesday, reaching $31.65. The company’s stock had a trading volume of 4,092,620 shares. The company has a market capitalization of $4.22 billion, a P/E ratio of 41.10 and a beta of 1.98. The stock’s 50-day moving average is $27.35 and its 200-day moving average is $25.41. Integrated Device Technology has a one year low of $21.72 and a one year high of $32.34.

Integrated Device Technology (NASDAQ:IDTI) last released its quarterly earnings results on Monday, October 30th. The semiconductor company reported $0.35 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. Integrated Device Technology had a return on equity of 20.34% and a net margin of 14.50%. The company had revenue of $204.40 million for the quarter, compared to analysts’ expectations of $200.99 million. During the same period in the prior year, the firm earned $0.34 earnings per share. The firm’s revenue was up 11.1% compared to the same quarter last year. 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 related news, Director S Kenneth Kannappan acquired 2,000 shares of Integrated Device Technology stock in a transaction dated Thursday, August 3rd. The shares were acquired at an average cost of $24.32 per share, for a total transaction of $48,640.00. Following the completion of the purchase, the director now owns 18,637 shares in the company, valued at $453,251.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, VP Mario Montana sold 20,374 shares of the stock in a transaction on Thursday, August 10th. The shares were sold at an average price of $24.43, for a total value of $497,736.82. Following the completion of the sale, the vice president now owns 67,443 shares in the company, valued at $1,647,632.49. The disclosure for this sale can be found here. 1.24% of the stock is currently owned by company insiders.

Hedge funds and other institutional investors have recently made changes to their positions in the company. Greenwood Capital Associates LLC increased its holdings in Integrated Device Technology by 1.3% in the second quarter. Greenwood Capital Associates LLC now owns 18,604 shares of the semiconductor company’s stock valued at $480,000 after buying an additional 234 shares during the last quarter. Alliancebernstein L.P. increased its holdings in Integrated Device Technology by 5.1% in the second quarter. Alliancebernstein L.P. now owns 3,252,085 shares of the semiconductor company’s stock valued at $83,871,000 after buying an additional 158,917 shares during the last quarter. Northern Trust Corp increased its holdings in Integrated Device Technology by 1.7% in the second quarter. Northern Trust Corp now owns 2,259,492 shares of the semiconductor company’s stock valued at $58,272,000 after buying an additional 37,579 shares during the last quarter. Legal & General Group Plc increased its holdings in Integrated Device Technology by 23.6% in the first quarter. Legal & General Group Plc now owns 85,591 shares of the semiconductor company’s stock valued at $2,026,000 after buying an additional 16,315 shares during the last quarter. Finally, Vaughan Nelson Investment Management L.P. increased its holdings in Integrated Device Technology by 57.4% in the second quarter. Vaughan Nelson Investment Management L.P. now owns 2,487,425 shares of the semiconductor company’s stock valued at $64,151,000 after buying an additional 907,200 shares during the last quarter. Institutional investors and hedge funds own 96.44% of the company’s stock.

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.

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