Bank of America Corporation Increases Integrated Device Technology, Inc. (IDTI) Price Target to $30.00

Integrated Device Technology, Inc. (NASDAQ:IDTI) had its price objective boosted by Bank of America Corporation from $27.00 to $30.00 in a research note released on Tuesday morning. The brokerage currently has an underperform rating on the semiconductor company’s stock.

A number of other research analysts also recently commented on IDTI. Summit Redstone upgraded Integrated Device Technology from a hold rating to a buy rating in a research note on Tuesday. Loop Capital upped their price objective on Integrated Device Technology from $29.00 to $36.00 and gave the stock a buy rating in a research note on Tuesday. Barclays PLC upped their price objective on Integrated Device Technology from $24.00 to $28.00 and gave the stock an underweight rating in a research note on Tuesday. BidaskClub downgraded Integrated Device Technology from a buy rating to a hold rating in a research note on Saturday, August 5th. Finally, Craig Hallum upped their price objective on Integrated Device Technology from $30.00 to $36.00 and gave the stock a buy rating in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, three have given a hold rating and nine have assigned a buy rating to the company. The stock currently has a consensus rating of Buy and a consensus price target of $31.58.

Shares of Integrated Device Technology (NASDAQ IDTI) opened at $31.30 on Tuesday. The stock has a market cap of $4.11 billion, a PE ratio of 28.02, a P/E/G ratio of 2.98 and a beta of 1.98. The company has a quick ratio of 5.29, a current ratio of 5.42 and a debt-to-equity ratio of 0.62.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, October 30th. The semiconductor company reported $0.35 EPS for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.01. The firm 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 19.65% and a net margin of 13.32%. The firm’s revenue was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.34 EPS. research analysts anticipate that Integrated Device Technology will post 1.15 EPS for the current year.

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In other news, VP Mario Montana sold 20,374 shares of the stock in a transaction on Thursday, August 10th. The stock was 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 transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Corporate insiders own 1.24% of the company’s stock.

Large investors have recently added to or reduced their stakes in the company. Riverhead Capital Management LLC grew its stake in shares of Integrated Device Technology by 77.4% in the second quarter. Riverhead Capital Management LLC now owns 4,790 shares of the semiconductor company’s stock worth $124,000 after purchasing an additional 2,090 shares in the last quarter. Public Employees Retirement System of Ohio grew its stake in shares of Integrated Device Technology by 15.7% in the second quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock worth $127,000 after purchasing an additional 670 shares in the last quarter. Advisor Group Inc. grew its stake in shares of Integrated Device Technology by 13.7% in the second quarter. Advisor Group Inc. now owns 4,964 shares of the semiconductor company’s stock worth $129,000 after purchasing an additional 600 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Integrated Device Technology by 11.3% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,182 shares of the semiconductor company’s stock worth $134,000 after purchasing an additional 525 shares in the last quarter. Finally, Fortaleza Asset Management Inc. bought a new position in shares of Integrated Device Technology in the second quarter worth $152,000. 96.44% of the stock is 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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