Integrated Device Technology, Inc. (NASDAQ:IDTI) Shares Gap Down on Disappointing Earnings

Integrated Device Technology, Inc. (NASDAQ:IDTI) gapped down before the market opened on Tuesday following a dissappointing earnings announcement. The stock had previously closed at $27.63, but opened at $26.14. Integrated Device Technology shares last traded at $25.43, with a volume of 7,372,337 shares trading hands.

The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.32 by $0.07. The company had revenue of $196.71 million during the quarter, compared to analysts’ expectations of $195.10 million. Integrated Device Technology had a net margin of 14.50% and a return on equity of 20.34%. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the firm posted $0.36 earnings per share.

A number of analysts have issued reports on the stock. BidaskClub lowered shares of Integrated Device Technology from a “strong-buy” rating to a “buy” rating in a research note on Thursday, June 15th. Susquehanna Bancshares Inc boosted their price target on shares of Integrated Device Technology from $30.00 to $33.00 and gave the stock a “positive” rating in a research note on Wednesday, June 28th. Zacks Investment Research lowered shares of Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Friday, July 14th. Pacific Crest reiterated an “overweight” rating and set a $30.00 price target on shares of Integrated Device Technology in a research note on Wednesday, June 21st. Finally, Barclays PLC reiterated an “underweight” rating on shares of Integrated Device Technology in a research note on Friday, July 21st. Three analysts have rated the stock with a sell rating, three have issued a hold rating and eight have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $27.82.

In related news, VP Mario Montana sold 20,374 shares of the company’s stock in a transaction that occurred on Thursday, August 10th. The stock was sold at an average price of $24.43, for a total value of $497,736.82. Following the completion of the transaction, the vice president now directly owns 67,443 shares of the company’s stock, valued at $1,647,632.49. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Gregory L. Waters sold 170,718 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $24.36, for a total value of $4,158,690.48. The disclosure for this sale can be found here. Over the last three months, insiders have sold 261,731 shares of company stock valued at $6,441,260. Corporate insiders own 1.24% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Israel Discount Bank of New York acquired a new position in shares of Integrated Device Technology during the first quarter worth about $103,000. TrimTabs Asset Management LLC increased its stake in Integrated Device Technology by 88.8% in the first quarter. TrimTabs Asset Management LLC now owns 4,745 shares of the semiconductor company’s stock valued at $112,000 after buying an additional 2,232 shares during the last quarter. Riverhead Capital Management LLC increased its stake in Integrated Device Technology by 77.4% in the second quarter. Riverhead Capital Management LLC now owns 4,790 shares of the semiconductor company’s stock valued at $124,000 after buying an additional 2,090 shares during the last quarter. Elkfork Partners LLC increased its stake in Integrated Device Technology by 22.2% in the first quarter. Elkfork Partners LLC now owns 5,324 shares of the semiconductor company’s stock valued at $126,000 after buying an additional 968 shares during the last quarter. Finally, Public Employees Retirement System of Ohio increased its stake in Integrated Device Technology by 15.7% in the second quarter. Public Employees Retirement System of Ohio now owns 4,935 shares of the semiconductor company’s stock valued at $127,000 after buying an additional 670 shares during the last quarter. 93.33% of the stock is owned by hedge funds and other institutional investors.

The stock has a market capitalization of $3.12 billion, a price-to-earnings ratio of 30.34 and a beta of 1.97. The firm’s 50 day moving average is $25.29 and its 200-day moving average is $24.56.

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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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