Loop Capital Markets Reiterates a Buy Rating on Integrated Device Tech

In a report released yesterday, Betsy Van Hees from Loop Capital Markets reiterated a Buy rating on Integrated Device Tech (NASDAQ: IDTI), with a price target of $29. The company’s shares opened today at $24.83.

According to TipRanks.com, Hees is a 5-star analyst with an average return of 21.9% and a 60.5% success rate. Hees covers the Technology sector, focusing on stocks such as Advanced Micro Devices, Texas Instruments, and Maxim Integrated.

Currently, the analyst consensus on Integrated Device Tech is Moderate Buy and the average price target is $27.40, representing a 10.4% upside.

In a report issued on January 31, Needham also reiterated a Buy rating on the stock with a $28 price target.

Based on Integrated Device Tech’s latest earnings report for the quarter ending December 31, the company posted quarterly revenue of $176 million and quarterly net profit of $33.35 million. In comparison, last year the company earned revenue of $178 million and had a net profit of $32.55 million.

Based on the recent corporate insider activity of 47 insiders, corporate insider sentiment is negative on the stock. Most recently, in December 2016, David Shepard, the VP BUSINESS UNIT of IDTI sold 37,787 shares for a total of $941,274.

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Integrated Device Technology, Inc. designs, develops, manufactures and markets low-power, high-performance mixed signal semiconductor solutions for the advanced communications, computing and consumer industries. It offers communications solutions for customers within the enterprise, data center and wireless markets. The company operates business through two segments: Communications and Computing & Consumer. The Communications segment includes clock and timing solutions, Serial RapidIO switching solutions, Crystal Oscillator replacements, radio frequency, signal path products, flow-control management devices and first in and first out, integrated communications processors, high-speed static random access memory and digital logic and telecommunications products. The Computing & Consumer segment includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, signal integrity products, multi-port products, touch controllers, PC audio, power management solutions and video products. Integrated Device Technology was founded by Chun P. Chiu and Frank Lee in 1980 and is headquartered in San Jose, CA.