Engineers Gate Manager LP lowered its stake in shares of Integrated Device Technology Inc (NASDAQ:IDTI) by 43.7% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 45,249 shares of the semiconductor company’s stock after selling 35,072 shares during the quarter. Engineers Gate Manager LP’s holdings in Integrated Device Technology were worth $2,127,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of IDTI. Parnassus Investments CA purchased a new stake in shares of Integrated Device Technology during the 2nd quarter worth about $36,021,000. Victory Capital Management Inc. grew its holdings in shares of Integrated Device Technology by 1,258.5% during the 2nd quarter. Victory Capital Management Inc. now owns 1,117,920 shares of the semiconductor company’s stock worth $35,640,000 after purchasing an additional 1,035,630 shares during the period. WINTON GROUP Ltd grew its holdings in shares of Integrated Device Technology by 571.3% during the 2nd quarter. WINTON GROUP Ltd now owns 595,435 shares of the semiconductor company’s stock worth $18,982,000 after purchasing an additional 506,730 shares during the period. Emerald Advisers Inc. PA purchased a new stake in shares of Integrated Device Technology during the 3rd quarter worth about $23,586,000. Finally, Emerald Mutual Fund Advisers Trust purchased a new stake in shares of Integrated Device Technology during the 3rd quarter worth about $21,897,000. 95.87% of the stock is owned by institutional investors.
IDTI has been the subject of a number of research reports. Cowen boosted their target price on Integrated Device Technology from $37.00 to $41.00 and gave the stock an “outperform” rating in a report on Thursday, July 19th. BidaskClub upgraded Integrated Device Technology from a “hold” rating to a “buy” rating in a report on Friday, July 20th. Piper Jaffray Companies reiterated a “buy” rating and set a $37.50 target price on shares of Integrated Device Technology in a report on Tuesday, July 31st. Craig Hallum boosted their target price on Integrated Device Technology from $40.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Finally, Needham & Company LLC boosted their target price on Integrated Device Technology from $38.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, July 31st. Nine equities research analysts have rated the stock with a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $42.91.
NASDAQ IDTI opened at $46.89 on Wednesday. The company has a market capitalization of $6.06 billion, a price-to-earnings ratio of 33.01, a P/E/G ratio of 3.22 and a beta of 1.69. Integrated Device Technology Inc has a fifty-two week low of $26.96 and a fifty-two week high of $47.45. The company has a debt-to-equity ratio of 0.77, a current ratio of 4.65 and a quick ratio of 4.17.
Integrated Device Technology (NASDAQ:IDTI) last released its quarterly earnings results on Monday, October 29th. The semiconductor company reported $0.47 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.45 by $0.02. The firm had revenue of $235.48 million during the quarter, compared to analysts’ expectations of $234.07 million. Integrated Device Technology had a return on equity of 29.69% and a net margin of 2.06%. As a group, sell-side analysts forecast that Integrated Device Technology Inc will post 1.45 earnings per share for the current fiscal year.
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Integrated Device Technology 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.
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