$195.02 Million in Sales Expected for Integrated Device Technology Inc (IDTI) This Quarter

Wall Street brokerages expect Integrated Device Technology Inc (NASDAQ:IDTI) to report sales of $195.02 million for the current quarter, according to Zacks. Four analysts have issued estimates for Integrated Device Technology’s earnings, with the highest sales estimate coming in at $195.06 million and the lowest estimate coming in at $195.00 million. Integrated Device Technology reported sales of $192.13 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 1.5%. The business is scheduled to report its next quarterly earnings results on Monday, August 7th.

On average, analysts expect that Integrated Device Technology will report full year sales of $195.02 million for the current financial year, with estimates ranging from $768.40 million to $830.16 million. For the next fiscal year, analysts forecast that the company will post sales of $910.35 million per share, with estimates ranging from $890.00 million to $941.50 million. Zacks Investment Research’s sales averages are an average based on a survey of sell-side research analysts that cover Integrated Device Technology.

Integrated Device Technology (NASDAQ:IDTI) last issued its quarterly earnings results on Monday, May 1st. The semiconductor company reported $0.35 EPS for the quarter, beating the Zacks’ consensus estimate of $0.34 by $0.01. The company had revenue of $175.70 million during the quarter, compared to the consensus estimate of $175.05 million. Integrated Device Technology had a return on equity of 23.43% and a net margin of 21.82%. Integrated Device Technology’s revenue was down 7.2% on a year-over-year basis. During the same period last year, the business posted $0.36 earnings per share.

Several equities research analysts have recently commented on IDTI shares. Zacks Investment Research upgraded Integrated Device Technology from a “sell” rating to a “hold” rating in a research note on Tuesday, March 7th. Bank of America Corp lowered Integrated Device Technology from a “buy” rating to a “neutral” rating in a research note on Thursday, February 16th. Goldman Sachs Group Inc started coverage on Integrated Device Technology in a research note on Monday, April 17th. They issued a “neutral” rating and a $24.00 price objective for the company. Needham & Company LLC restated a “buy” rating and issued a $28.00 price objective on shares of Integrated Device Technology in a research note on Tuesday, April 18th. Finally, Longbow Research started coverage on Integrated Device Technology in a research note on Friday. They issued a “buy” rating and a $31.00 price objective for the company. One analyst has rated the stock with a sell rating, four have assigned a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus price target of $26.43.

Shares of Integrated Device Technology (NASDAQ IDTI) opened at 25.03 on Friday. The company’s 50 day moving average price is $24.35 and its 200-day moving average price is $24.35. Integrated Device Technology has a 12 month low of $18.49 and a 12 month high of $26.66. The stock has a market capitalization of $3.33 billion, a P/E ratio of 31.33 and a beta of 2.11.

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In other Integrated Device Technology news, VP Mario Montana sold 25,314 shares of the stock in a transaction dated Friday, May 26th. The shares were sold at an average price of $25.98, for a total transaction of $657,657.72. Following the completion of the transaction, the vice president now owns 120,087 shares of the company’s stock, valued at approximately $3,119,860.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Brian C. White sold 19,054 shares of the stock in a transaction dated Monday, May 15th. The shares were sold at an average price of $24.04, for a total transaction of $458,058.16. The disclosure for this sale can be found here. Insiders sold a total of 181,058 shares of company stock valued at $4,464,878 in the last quarter. 1.38% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IDTI. Liberty Mutual Group Asset Management Inc. increased its position in Integrated Device Technology by 0.3% in the first quarter. Liberty Mutual Group Asset Management Inc. now owns 60,442 shares of the semiconductor company’s stock valued at $1,431,000 after buying an additional 198 shares during the period. First Manhattan Co. increased its position in Integrated Device Technology by 1.5% in the first quarter. First Manhattan Co. now owns 13,400 shares of the semiconductor company’s stock valued at $309,000 after buying an additional 200 shares during the period. State Treasurer State of Michigan increased its position in Integrated Device Technology by 0.4% in the first quarter. State Treasurer State of Michigan now owns 54,220 shares of the semiconductor company’s stock valued at $1,283,000 after buying an additional 200 shares during the period. Advantus Capital Management Inc increased its position in Integrated Device Technology by 2.5% in the first quarter. Advantus Capital Management Inc now owns 17,082 shares of the semiconductor company’s stock valued at $404,000 after buying an additional 423 shares during the period. Finally, Mason Street Advisors LLC increased its position in Integrated Device Technology by 0.8% in the first quarter. Mason Street Advisors LLC now owns 63,030 shares of the semiconductor company’s stock valued at $1,492,000 after buying an additional 471 shares during the period. 93.63% of the stock is owned by institutional investors and hedge funds.

Integrated Device Technology Company Profile

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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