39,718 Shares in Integrated Device Technology Inc (IDTI) Purchased by Westpac Banking Corp

Westpac Banking Corp purchased a new position in shares of Integrated Device Technology Inc (NASDAQ:IDTI) in the third quarter, HoldingsChannel.com reports. The firm purchased 39,718 shares of the semiconductor company’s stock, valued at approximately $1,867,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of IDTI. CIBC Asset Management Inc purchased a new stake in shares of Integrated Device Technology during the 3rd quarter worth about $217,000. Oakbrook Investments LLC purchased a new stake in shares of Integrated Device Technology during the 3rd quarter worth about $235,000. Keybank National Association OH purchased a new stake in shares of Integrated Device Technology during the 3rd quarter worth about $237,000. Trexquant Investment LP purchased a new stake in shares of Integrated Device Technology during the 2nd quarter worth about $295,000. Finally, Krane Funds Advisors LLC raised its stake in shares of Integrated Device Technology by 26.9% during the 2nd quarter. Krane Funds Advisors LLC now owns 9,471 shares of the semiconductor company’s stock worth $302,000 after purchasing an additional 2,009 shares in the last quarter. 90.34% of the stock is owned by institutional investors.

IDTI has been the subject of a number of recent research reports. Craig Hallum downgraded Integrated Device Technology from a “buy” rating to a “hold” rating and set a $49.00 price target for the company. in a research note on Wednesday, October 17th. Piper Jaffray Companies raised their price target on Integrated Device Technology to $51.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 4th. Zacks Investment Research raised Integrated Device Technology from a “hold” rating to a “buy” rating and set a $40.00 price target for the company in a research note on Monday, August 6th. Cowen downgraded Integrated Device Technology from an “outperform” rating to a “market perform” rating and raised their price target for the stock from $41.00 to $49.00 in a research note on Tuesday, September 11th. Finally, Barclays reaffirmed a “hold” rating and set a $49.00 price target on shares of Integrated Device Technology in a research note on Wednesday, September 12th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $42.91.

Shares of NASDAQ IDTI opened at $47.94 on Monday. The company has a current ratio of 4.65, a quick ratio of 4.17 and a debt-to-equity ratio of 0.77. The stock has a market cap of $6.19 billion, a PE ratio of 37.75, a P/E/G ratio of 3.29 and a beta of 1.74. Integrated Device Technology Inc has a 52 week low of $26.96 and a 52 week high of $48.07.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings data on Monday, October 29th. The semiconductor company reported $0.47 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.02. The business had revenue of $235.48 million for the quarter, compared to analyst estimates of $234.07 million. Integrated Device Technology had a return on equity of 29.69% and a net margin of 2.06%. Research analysts expect that Integrated Device Technology Inc will post 1.46 earnings per share for the current year.

In other Integrated Device Technology news, VP David Shepard sold 3,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 5th. The stock was sold at an average price of $42.65, for a total value of $127,950.00. Following the sale, the vice president now owns 75,569 shares of the company’s stock, valued at approximately $3,223,017.85. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Sailesh Chittipeddi sold 33,300 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.01, for a total value of $1,565,433.00. Following the completion of the sale, the senior vice president now directly owns 193,095 shares in the company, valued at approximately $9,077,395.95. The disclosure for this sale can be found here. Insiders sold a total of 56,300 shares of company stock worth $2,545,983 in the last ninety days. Insiders own 1.23% of the company’s stock.

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Integrated Device Technology Company Profile

Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and industrial end-markets. It operates in two segments, Communications; and Computing, Consumer and Industrial. The Communications segment offers clocks and timing solutions; radio frequency products; flow-control management products, including multi-port products; telecommunication interface products; static random access memory products; first in and first out memories; digital logic products; optical interconnect and frequency control solutions; and Serial RapidIO switching solutions.

Read More: Benefits of owning preferred stock

Want to see what other hedge funds are holding IDTI? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Integrated Device Technology Inc (NASDAQ:IDTI).

Institutional Ownership by Quarter for Integrated Device Technology (NASDAQ:IDTI)

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