Essex Investment Management Co. LLC Cuts Stake in Integrated Device Technology, Inc. (IDTI)

Essex Investment Management Co. LLC Cuts Stake in Integrated Device Technology, Inc. (IDTI)

Essex Investment Management Co. LLC cut its position in Integrated Device Technology, Inc. (NASDAQ:IDTI) by 67.4% during the third quarter, Holdings Channel reports. The fund owned 38,659 shares of the company’s stock after selling 79,817 shares during the period. Essex Investment Management Co. LLC’s holdings in Integrated Device Technology were worth $893,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Advisor Group Inc. bought a new position in shares of Integrated Device Technology during the second quarter worth approximately $114,000. Cantab Capital Partners LLP bought a new position in shares of Integrated Device Technology during the second quarter worth approximately $166,000. World Asset Management Inc bought a new position in shares of Integrated Device Technology during the third quarter worth approximately $202,000. Spectrum Asset Management Inc. NB CA bought a new position in shares of Integrated Device Technology during the third quarter worth approximately $208,000. Finally, Oakbrook Investments LLC boosted its position in shares of Integrated Device Technology by 1.8% in the third quarter. Oakbrook Investments LLC now owns 11,090 shares of the company’s stock worth $256,000 after buying an additional 200 shares during the period. 94.21% of the stock is currently owned by institutional investors and hedge funds.

Shares of Integrated Device Technology, Inc. (NASDAQ:IDTI) opened at 26.46 on Friday. The stock has a market capitalization of $3.55 billion, a PE ratio of 23.27 and a beta of 2.15. Integrated Device Technology, Inc. has a one year low of $16.22 and a one year high of $26.47. The firm has a 50 day moving average price of $24.75 and a 200 day moving average price of $22.33.

IDTI has been the subject of a number of recent research reports. Charter Equity upgraded Integrated Device Technology from a “market perform” rating to a “buy” rating in a report on Tuesday, November 1st. Zacks Investment Research cut Integrated Device Technology from a “hold” rating to a “sell” rating in a report on Tuesday, January 10th. Loop Capital initiated coverage on Integrated Device Technology in a report on Monday, December 5th. They issued a “buy” rating and a $27.00 target price for the company. Barclays PLC reiterated a “sell” rating and issued a $22.00 target price on shares of Integrated Device Technology in a report on Friday, January 20th. Finally, Brean Capital reiterated a “buy” rating and issued a $25.00 target price (up previously from $23.00) on shares of Integrated Device Technology in a report on Wednesday, November 2nd. Two equities research analysts have rated the stock with a sell rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. Integrated Device Technology currently has an average rating of “Buy” and a consensus target price of $26.53.

In related news, Director Norman P. Taffe sold 7,000 shares of the stock in a transaction that occurred on Thursday, November 17th. The stock was sold at an average price of $24.35, for a total value of $170,450.00. Following the completion of the sale, the director now owns 30,957 shares of the company’s stock, valued at $753,802.95. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, VP Matthew D. Brandalise sold 9,500 shares of the stock in a transaction that occurred on Wednesday, November 23rd. The shares were sold at an average price of $25.53, for a total value of $242,535.00. Following the completion of the sale, the vice president now directly owns 71,073 shares of the company’s stock, valued at approximately $1,814,493.69. The disclosure for this sale can be found here. In the last ninety days, insiders sold 54,287 shares of company stock valued at $1,354,259. Insiders own 1.38% 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.

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