Essex Investment Management Co. LLC Lowers Position in Integrated Device Technology, Inc. (IDTI)

Essex Investment Management Co. LLC cut its stake in shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) by 0.6% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 41,744 shares of the semiconductor company’s stock after selling 263 shares during the period. Essex Investment Management Co. LLC’s holdings in Integrated Device Technology were worth $1,077,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Russell Investments Group Ltd. acquired a new stake in Integrated Device Technology during the fourth quarter worth $555,000. GSA Capital Partners LLP acquired a new stake in Integrated Device Technology during the fourth quarter worth $206,000. Foundry Partners LLC increased its stake in Integrated Device Technology by 16.8% in the first quarter. Foundry Partners LLC now owns 124,265 shares of the semiconductor company’s stock worth $2,941,000 after buying an additional 17,835 shares during the period. Creative Planning increased its stake in Integrated Device Technology by 5.3% in the first quarter. Creative Planning now owns 11,901 shares of the semiconductor company’s stock worth $282,000 after buying an additional 596 shares during the period. Finally, Capstone Asset Management Co. increased its stake in Integrated Device Technology by 23.7% in the first quarter. Capstone Asset Management Co. now owns 16,321 shares of the semiconductor company’s stock worth $386,000 after buying an additional 3,126 shares during the period. Institutional investors own 95.15% of the company’s stock.

Integrated Device Technology, Inc. (NASDAQ IDTI) traded down 0.17% during midday trading on Friday, reaching $23.53. The company’s stock had a trading volume of 1,494,272 shares. The stock’s 50-day moving average price is $25.51 and its 200-day moving average price is $24.64. The firm has a market capitalization of $3.14 billion, a price-to-earnings ratio of 30.56 and a beta of 1.97. Integrated Device Technology, Inc. has a 12 month low of $19.02 and a 12 month high of $27.09.

Integrated Device Technology (NASDAQ:IDTI) last announced its earnings results on Monday, July 31st. The semiconductor company reported $0.25 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.32 by $0.07. Integrated Device Technology had a return on equity of 20.34% and a net margin of 14.50%. The business had revenue of $196.71 million for the quarter, compared to analyst estimates of $195.10 million. During the same quarter in the previous year, the company earned $0.36 EPS. The business’s revenue for the quarter was up 2.4% on a year-over-year basis. Analysts predict that Integrated Device Technology, Inc. will post $1.49 EPS for the current year.

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A number of research firms recently weighed in on IDTI. Barclays PLC restated an “underweight” rating on shares of Integrated Device Technology in a research note on Friday, July 21st. Zacks Investment Research downgraded Integrated Device Technology from a “buy” rating to a “hold” rating in a research report on Friday, July 14th. Needham & Company LLC reiterated a “buy” rating on shares of Integrated Device Technology in a research report on Tuesday, August 1st. Bank of America Corporation downgraded Integrated Device Technology from a “neutral” rating to an “underperform” rating and set a $27.00 target price on the stock. in a research report on Tuesday, August 1st. Finally, Longbow Research started coverage on Integrated Device Technology in a report on Friday, June 9th. They issued a “buy” rating and a $31.00 price target for the company. Three investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company. Integrated Device Technology has a consensus rating of “Hold” and a consensus price target of $27.67.

In other Integrated Device Technology news, SVP Sailesh Chittipeddi sold 4,538 shares of the stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $24.04, for a total transaction of $109,093.52. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director S Kenneth Kannappan purchased 2,000 shares of Integrated Device Technology stock in a transaction that occurred on Thursday, August 3rd. The shares were purchased at an average price of $24.32 per share, for a total transaction of $48,640.00. Following the transaction, the director now directly owns 18,637 shares in the company, valued at approximately $453,251.84. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 309,390 shares of company stock worth $7,586,982. Company insiders own 1.24% of the company’s stock.

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.

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

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