Integrated Device Technology (IDTI) Upgraded at Barclays

Barclays upgraded shares of Integrated Device Technology (NASDAQ:IDTI) from an underweight rating to an equal weight rating in a research note issued to investors on Wednesday, MarketBeat.com reports. Barclays currently has $33.00 price objective on the semiconductor company’s stock, up from their previous price objective of $28.00.

Other research analysts also recently issued research reports about the stock. KeyCorp reaffirmed a buy rating and issued a $33.00 target price on shares of Integrated Device Technology in a research report on Wednesday, November 1st. Summit Redstone raised shares of Integrated Device Technology from a hold rating to a buy rating in a research report on Tuesday, October 31st. Craig Hallum lifted their price objective on shares of Integrated Device Technology from $30.00 to $36.00 and gave the company a buy rating in a research report on Tuesday, October 31st. Dougherty & Co lifted their price objective on shares of Integrated Device Technology from $30.00 to $33.00 and gave the company a buy rating in a research report on Tuesday, October 31st. Finally, Needham & Company LLC reissued a buy rating and issued a $36.00 price objective on shares of Integrated Device Technology in a research report on Tuesday, October 31st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and ten have issued a buy rating to the company. Integrated Device Technology has an average rating of Buy and a consensus target price of $32.62.

Integrated Device Technology (NASDAQ:IDTI) traded up $0.88 during trading on Wednesday, reaching $33.58. 1,928,960 shares of the company were exchanged, compared to its average volume of 913,021. The company has a market capitalization of $4,460.60, a P/E ratio of 46.00, a P/E/G ratio of 3.24 and a beta of 1.97. Integrated Device Technology has a 1-year low of $22.70 and a 1-year high of $33.92. The company has a current ratio of 5.42, a quick ratio of 4.80 and a debt-to-equity ratio of 0.62.

Integrated Device Technology (NASDAQ:IDTI) last released its earnings results on Monday, October 30th. The semiconductor company reported $0.35 earnings per share for the quarter, beating analysts’ consensus estimates 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 net margin of 13.32% and a return on equity of 19.65%. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.34 earnings per share. analysts predict that Integrated Device Technology will post 1.15 earnings per share for the current fiscal year.

In other news, SVP Brian C. White sold 8,417 shares of the firm’s stock in a transaction dated Thursday, January 4th. The shares were sold at an average price of $32.50, for a total transaction of $273,552.50. Following the completion of the sale, the senior vice president now owns 108,737 shares in the company, valued at approximately $3,533,952.50. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Gordon W. Parnell sold 6,000 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $32.45, for a total transaction of $194,700.00. Following the sale, the director now owns 82,602 shares of the company’s stock, valued at approximately $2,680,434.90. The disclosure for this sale can be found here. In the last three months, insiders sold 105,264 shares of company stock valued at $3,310,127. Insiders own 1.24% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of IDTI. Northern Trust Corp raised its stake in Integrated Device Technology by 1.7% in the 2nd quarter. Northern Trust Corp now owns 2,259,492 shares of the semiconductor company’s stock worth $58,272,000 after purchasing an additional 37,579 shares in the last quarter. State Street Corp raised its stake in Integrated Device Technology by 2.8% in the 2nd quarter. State Street Corp now owns 4,850,496 shares of the semiconductor company’s stock worth $125,094,000 after purchasing an additional 129,876 shares in the last quarter. Cubist Systematic Strategies LLC acquired a new stake in Integrated Device Technology in the 3rd quarter worth about $601,000. Yorktown Management & Research Co Inc acquired a new stake in Integrated Device Technology in the 3rd quarter worth about $306,000. Finally, LaSalle Street Capital Management LLC raised its stake in Integrated Device Technology by 45.3% in the 3rd quarter. LaSalle Street Capital Management LLC now owns 19,592 shares of the semiconductor company’s stock worth $521,000 after purchasing an additional 6,104 shares in the last quarter.

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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.

Analyst Recommendations for Integrated Device Technology (NASDAQ:IDTI)

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