Integrated Device Technology Inc (IDTI) Position Decreased by Pendal Group Ltd

Pendal Group Ltd reduced its position in shares of Integrated Device Technology Inc (NASDAQ:IDTI) by 38.9% during the third quarter, HoldingsChannel reports. The firm owned 33,118 shares of the semiconductor company’s stock after selling 21,124 shares during the period. Pendal Group Ltd’s holdings in Integrated Device Technology were worth $1,557,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in IDTI. Legal & General Group Plc lifted its position in shares of Integrated Device Technology by 10.9% during the first quarter. Legal & General Group Plc now owns 134,889 shares of the semiconductor company’s stock valued at $4,123,000 after purchasing an additional 13,273 shares in the last quarter. Principal Financial Group Inc. raised its position in Integrated Device Technology by 2.0% in the first quarter. Principal Financial Group Inc. now owns 574,252 shares of the semiconductor company’s stock worth $17,549,000 after acquiring an additional 11,378 shares during the period. Atria Investments LLC bought a new stake in Integrated Device Technology in the second quarter worth about $200,000. Bank of Montreal Can raised its position in Integrated Device Technology by 53.5% in the second quarter. Bank of Montreal Can now owns 21,402 shares of the semiconductor company’s stock worth $682,000 after acquiring an additional 7,461 shares during the period. Finally, Amalgamated Bank raised its position in Integrated Device Technology by 12.2% in the second quarter. Amalgamated Bank now owns 21,603 shares of the semiconductor company’s stock worth $689,000 after acquiring an additional 2,357 shares during the period. 95.87% of the stock is currently owned by institutional investors.

In other news, VP David Shepard sold 3,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 5th. The shares were sold at an average price of $42.65, for a total value of $127,950.00. Following the sale, the vice president now owns 75,569 shares of the company’s stock, valued at $3,223,017.85. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Sailesh Chittipeddi sold 33,300 shares of the business’s stock in a transaction that occurred on Friday, September 14th. The shares were sold at an average price of $47.01, for a total transaction of $1,565,433.00. Following the completion of the sale, the senior vice president now directly owns 193,095 shares in the company, valued at approximately $9,077,395.95. The disclosure for this sale can be found here. In the last three months, insiders sold 56,300 shares of company stock worth $2,545,983. Insiders own 1.23% of the company’s stock.

Shares of IDTI stock opened at $46.75 on Friday. The stock has a market capitalization of $6.05 billion, a price-to-earnings ratio of 36.81, a P/E/G ratio of 3.23 and a beta of 1.69. The company has a debt-to-equity ratio of 0.77, a quick ratio of 4.17 and a current ratio of 4.65. Integrated Device Technology Inc has a 52 week low of $26.96 and a 52 week high of $47.45.

Integrated Device Technology (NASDAQ:IDTI) last posted its quarterly earnings results on Monday, October 29th. The semiconductor company reported $0.47 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.45 by $0.02. Integrated Device Technology had a net margin of 2.06% and a return on equity of 29.69%. The company had revenue of $235.48 million for the quarter, compared to analyst estimates of $234.07 million. Research analysts predict that Integrated Device Technology Inc will post 1.45 earnings per share for the current year.

Several brokerages have commented on IDTI. Piper Jaffray Companies reaffirmed a “buy” rating and issued a $37.50 price objective on shares of Integrated Device Technology in a research report on Tuesday, July 31st. Zacks Investment Research raised shares of Integrated Device Technology from a “hold” rating to a “buy” rating and set a $40.00 price objective on the stock in a research report on Monday, August 6th. Craig Hallum lifted their price objective on shares of Integrated Device Technology from $41.00 to $48.00 and gave the stock a “buy” rating in a research report on Tuesday, September 4th. Cowen lifted their price objective on shares of Integrated Device Technology from $37.00 to $41.00 and gave the stock an “outperform” rating in a research report on Thursday, July 19th. Finally, Bank of America lifted their price objective on shares of Integrated Device Technology from $34.00 to $37.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 31st. Nine analysts have rated the stock with a hold rating, four have assigned a buy rating and one has given a strong buy rating to the stock. Integrated Device Technology has an average rating of “Hold” and an average target price of $42.91.

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Integrated Device Technology Company 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.

Further Reading: Technical Analysis

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

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