Wall Street analysts expect that Integrated Device Technology, Inc. (NASDAQ:IDTI) will report earnings per share of $0.40 for the current fiscal quarter, according to Zacks Investment Research. Four analysts have provided estimates for Integrated Device Technology’s earnings. The highest EPS estimate is $0.40 and the lowest is $0.39. Integrated Device Technology posted earnings of $0.35 per share in the same quarter last year, which suggests a positive year over year growth rate of 14.3%. The business is expected to issue its next earnings results on Monday, January 29th.
According to Zacks, analysts expect that Integrated Device Technology will report full-year earnings of $1.50 per share for the current financial year, with EPS estimates ranging from $1.49 to $1.52. For the next financial year, analysts forecast that the business will post earnings of $1.78 per share, with EPS estimates ranging from $1.68 to $1.90. Zacks Investment Research’s earnings per share calculations are a mean average based on a survey of sell-side analysts that that provide coverage for Integrated Device Technology.
Integrated Device Technology (NASDAQ:IDTI) last posted its earnings results on Monday, October 30th. 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 business had revenue of $204.40 million during the quarter, compared to the consensus estimate of $200.99 million. Integrated Device Technology had a return on equity of 19.78% and a net margin of 13.32%. The business’s quarterly revenue was up 11.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.34 EPS.
A number of research firms recently commented on IDTI. Zacks Investment Research downgraded Integrated Device Technology from a “hold” rating to a “sell” rating in a research note on Thursday, August 3rd. Dougherty & Co lifted 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. Barclays PLC lifted their price target on Integrated Device Technology from $22.00 to $24.00 and gave the stock an “underweight” rating in a research note on Wednesday, October 18th. KeyCorp reiterated a “buy” rating and issued a $33.00 price target on shares of Integrated Device Technology in a research note on Wednesday. Finally, Bank of America Corporation downgraded Integrated Device Technology from a “neutral” rating to an “underperform” rating and set a $27.00 price target for the company. in a research note on Tuesday, August 1st. Two investment analysts have rated the stock with a sell rating, three have given a hold rating and eleven have assigned a buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus price target of $31.08.
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In related news, Director S Kenneth Kannappan bought 2,000 shares of the firm’s stock in a transaction on Thursday, August 3rd. The stock was bought 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 directly owns 18,637 shares in the company, valued at approximately $453,251.84. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Mario Montana sold 20,374 shares of Integrated Device Technology stock in a transaction that occurred 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 transaction, the vice president now owns 67,443 shares of the company’s stock, valued at $1,647,632.49. The disclosure for this sale can be found here. Insiders own 1.24% of the company’s stock.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC raised its holdings in shares of Integrated Device Technology by 1.3% during the third quarter. Frontier Capital Management Co. LLC now owns 5,163,723 shares of the semiconductor company’s stock valued at $137,252,000 after buying an additional 67,002 shares during the last quarter. Bridge City Capital LLC raised its holdings in shares of Integrated Device Technology by 8.7% during the third quarter. Bridge City Capital LLC now owns 52,399 shares of the semiconductor company’s stock valued at $1,393,000 after buying an additional 4,190 shares during the last quarter. Canada Pension Plan Investment Board raised its holdings in shares of Integrated Device Technology by 2.8% during the third quarter. Canada Pension Plan Investment Board now owns 80,400 shares of the semiconductor company’s stock valued at $2,137,000 after buying an additional 2,200 shares during the last quarter. Fortaleza Asset Management Inc. raised its holdings in shares of Integrated Device Technology by 50.7% during the third quarter. Fortaleza Asset Management Inc. now owns 8,905 shares of the semiconductor company’s stock valued at $237,000 after buying an additional 2,995 shares during the last quarter. Finally, Victory Capital Management Inc. bought a new stake in shares of Integrated Device Technology during the third quarter valued at approximately $1,475,000. 96.44% of the stock is currently 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.
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