$227.13 Million in Sales Expected for Integrated Device Technology (IDTI) This Quarter

Wall Street analysts expect Integrated Device Technology (NASDAQ:IDTI) to report $227.13 million in sales for the current quarter, Zacks Investment Research reports. Four analysts have provided estimates for Integrated Device Technology’s earnings, with the lowest sales estimate coming in at $227.00 million and the highest estimate coming in at $227.30 million. Integrated Device Technology reported sales of $196.71 million during the same quarter last year, which indicates a positive year-over-year growth rate of 15.5%. The company is expected to announce its next quarterly earnings report on Monday, July 30th.

According to Zacks, analysts expect that Integrated Device Technology will report full-year sales of $921.75 million for the current year, with estimates ranging from $920.00 million to $923.90 million. For the next fiscal year, analysts expect that the company will post sales of $987.71 million per share, with estimates ranging from $980.00 million to $996.44 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Integrated Device Technology.

Integrated Device Technology (NASDAQ:IDTI) last released its quarterly earnings results on Monday, April 30th. The semiconductor company reported $0.46 EPS for the quarter, beating the consensus estimate of $0.44 by $0.02. The business had revenue of $224.60 million for the quarter, compared to analyst estimates of $222.20 million. Integrated Device Technology had a negative net margin of 1.44% and a positive return on equity of 23.10%. The company’s quarterly revenue was up 27.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.35 earnings per share.

Several brokerages recently issued reports on IDTI. Zacks Investment Research downgraded shares of Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Friday. BidaskClub raised shares of Integrated Device Technology from a “buy” rating to a “strong-buy” rating in a research note on Wednesday. ValuEngine downgraded shares of Integrated Device Technology from a “buy” rating to a “hold” rating in a research note on Wednesday, May 2nd. JPMorgan Chase reduced their price objective on shares of Integrated Device Technology from $38.00 to $37.00 and set an “overweight” rating on the stock in a research note on Tuesday, May 1st. Finally, Bank of America raised shares of Integrated Device Technology from an “underperform” rating to a “neutral” rating and set a $30.00 price objective on the stock in a research note on Tuesday, May 1st. Four equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus price target of $34.50.

In other news, CEO Gregory L. Waters sold 10,000 shares of the firm’s stock in a transaction on Tuesday, May 1st. The shares were sold at an average price of $28.43, for a total value of $284,300.00. Following the transaction, the chief executive officer now owns 732,552 shares of the company’s stock, valued at approximately $20,826,453.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Mario Montana sold 22,000 shares of the firm’s stock in a transaction on Thursday, March 8th. The shares were sold at an average price of $32.06, for a total transaction of $705,320.00. Following the completion of the transaction, the vice president now directly owns 74,705 shares in the company, valued at approximately $2,395,042.30. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 110,335 shares of company stock worth $3,407,747. 1.24% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. New York State Common Retirement Fund raised its stake in shares of Integrated Device Technology by 4.3% in the 1st quarter. New York State Common Retirement Fund now owns 152,656 shares of the semiconductor company’s stock valued at $4,665,000 after acquiring an additional 6,356 shares during the period. LaSalle Street Capital Management LLC raised its stake in shares of Integrated Device Technology by 106.1% in the 1st quarter. LaSalle Street Capital Management LLC now owns 45,261 shares of the semiconductor company’s stock valued at $1,383,000 after acquiring an additional 23,303 shares during the period. Natixis Advisors L.P. raised its stake in shares of Integrated Device Technology by 1.1% in the 1st quarter. Natixis Advisors L.P. now owns 179,405 shares of the semiconductor company’s stock valued at $5,483,000 after acquiring an additional 2,031 shares during the period. Glen Harbor Capital Management LLC raised its stake in shares of Integrated Device Technology by 14.8% in the 1st quarter. Glen Harbor Capital Management LLC now owns 22,168 shares of the semiconductor company’s stock valued at $678,000 after acquiring an additional 2,856 shares during the period. Finally, Silvant Capital Management LLC purchased a new position in shares of Integrated Device Technology in the 1st quarter valued at $341,000. 96.47% of the stock is currently owned by institutional investors and hedge funds.

Shares of Integrated Device Technology opened at $30.57 on Friday, according to MarketBeat. The company has a current ratio of 4.83, a quick ratio of 4.23 and a debt-to-equity ratio of 0.76. The company has a market cap of $3.93 billion, a P/E ratio of 24.07, a PEG ratio of 1.92 and a beta of 1.86. Integrated Device Technology has a 1 year low of $30.22 and a 1 year high of $30.58.

About Integrated Device Technology

Integrated Device Technology, Inc designs, develops, manufactures, and markets a range of semiconductor solutions for the communications, computing, consumer, automotive, industrial, and Internet-of-things end-markets. It operates in two segments, Communications; and Computing, Consumer, and Industrial.

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