KeyCorp Reaffirms Buy Rating for Integrated Device Technology, Inc. (IDTI)

KeyCorp reaffirmed their buy rating on shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) in a report issued on Wednesday morning. They currently have a $33.00 price objective on the semiconductor company’s stock. KeyCorp also issued estimates for Integrated Device Technology’s Q3 2018 earnings at $0.33 EPS and Q4 2018 earnings at $0.35 EPS.

A number of other research firms have also recently issued reports on IDTI. Summit Redstone raised Integrated Device Technology from a hold rating to a buy rating in a research note on Tuesday. Loop Capital boosted their price target on Integrated Device Technology from $29.00 to $36.00 and gave the company a buy rating in a report on Tuesday. Barclays PLC boosted their price target on Integrated Device Technology from $24.00 to $28.00 and gave the company an underweight rating in a report on Tuesday. BidaskClub lowered Integrated Device Technology from a buy rating to a hold rating in a report on Saturday, August 5th. Finally, Bank of America Corporation upped their price objective on Integrated Device Technology from $27.00 to $30.00 and gave the company an underperform rating in a research note on Tuesday. Two analysts have rated the stock with a sell rating, three have given a hold rating and nine have issued a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average price target of $31.58.

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

Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, October 30th. The semiconductor company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.34 by $0.01. Integrated Device Technology had a return on equity of 19.65% and a net margin of 13.32%. The business had revenue of $204.40 million during the quarter, compared to the consensus estimate of $200.99 million. During the same period in the prior year, the business posted $0.34 earnings per share. Integrated Device Technology’s revenue was up 11.1% compared to the same quarter last year. analysts forecast that Integrated Device Technology will post 1.15 earnings per share for the current year.

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In other Integrated Device Technology news, VP Mario Montana sold 20,374 shares of the stock in a transaction dated Thursday, August 10th. The shares were sold at an average price of $24.43, for a total transaction 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 sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.24% of the company’s stock.

Hedge funds have recently bought and sold shares of the stock. OppenheimerFunds Inc. bought a new position in Integrated Device Technology during the first quarter valued at about $242,000. Teachers Advisors LLC grew its holdings in Integrated Device Technology by 0.7% in the 1st quarter. Teachers Advisors LLC now owns 257,460 shares of the semiconductor company’s stock valued at $6,094,000 after buying an additional 1,775 shares during the last quarter. Legal & General Group Plc grew its holdings in Integrated Device Technology by 23.6% in the 1st 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. Vanguard Group Inc. grew its holdings in Integrated Device Technology by 4.1% in the 1st quarter. Vanguard Group Inc. now owns 10,548,562 shares of the semiconductor company’s stock valued at $249,684,000 after buying an additional 416,108 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in shares of Integrated Device Technology by 3.6% during the 1st quarter. Geode Capital Management LLC now owns 1,108,051 shares of the semiconductor company’s stock worth $26,227,000 after purchasing an additional 38,776 shares in the last quarter. 96.44% of the stock is currently owned by institutional investors and hedge funds.

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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