Piper Jaffray analyst Harsh Kumar downgraded Integrated Device Tech (NASDAQ: IDTI) to Hold today and set a price target of $49. The company’s shares opened today at $46.84, close to its 52-week high of $46.92.
According to TipRanks.com, Kumar is a 4-star analyst with an average return of 10.1% and a 52.2% success rate. Kumar covers the Consumer Goods sector, focusing on stocks such as Cypress Semicon, Knowles Corp, and Microchip.
Integrated Device Tech has an analyst consensus of Moderate Buy, with a price target consensus of $43.25, which is a -7.7% downside from current levels. In a report issued on September 4, Needham also maintained a Hold rating on the stock.
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Based on Integrated Device Tech’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $30.72 million. In comparison, last year the company had a net profit of $16.71 million.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock.
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Integrated Device Technology, Inc. designs, develops, manufactures and markets semiconductor and system-level solutions for the advanced communications, computing, consumer, automotive, industrial and Internet-of-things markets. The company operates its business through the following segments: Communications, and Computing, Consumer & Industrial.
