NEW YORK (TheStreet) -- Shares of Integrated Device Technology Inc. (IDTI) are higher by 12.34% to $15.20 on heavy volume in mid-morning trading on Tuesday, after the company announced an increase in net income to $26.7 million, or 17 cents per diluted share for the 2015 fiscal first quarter, compared to $10.6 million, or 7 cents per diluted share for the year ago period.
The company, which designs, develops, manufactures, and markets a variety of low range, mixed signal semiconductor solutions, said revenue for the most recent quarter grew to $126.3 million versus $117.5 million for the 2014 fiscal first quarter.
Integrated Device Technology beat the Capital IQ Consensus of 16 cents per share on revenue of $124.97 million.
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Separately, TheStreet Ratings team rates INTEGRATED DEVICE TECH INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEGRATED DEVICE TECH INC (IDTI) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, solid stock price performance, compelling growth in net income and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."