NEW YORK (TheStreet) -- Shares of Integrated Device Technology (IDTI) were gaining 7.2% to $19.69 Tuesday after the semiconductor company beat analysts' estimates for earnings in the fiscal fourth quarter.
Integrated Device Technology reported earnings of 29 cents a share for the fourth quarter, above analysts' estimates of 26 cents a share for the quarter. Revenue grew 33.5% year over year to $158.35 million for the quarter, compared to analysts' estimates of $157.87 million.
"Revenues from our High Performance Computing/Data Center business reached record levels in the fourth quarter, driven by the increasing demands of mobile data and real-time processing," President and CEO Greg Waters said in a statement. "RF and wireless charging, both relatively new businesses, became established businesses in fiscal 2015, and based on design win activity, look to continue growing strongly."
The company also announced that its board of directors increased the company's share repurchase program to $300 million, replacing its previous repurchase plan which had $27 million remaining.
TheStreet Ratings team rates INTEGRATED DEVICE TECH INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate INTEGRATED DEVICE TECH INC (IDTI) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. 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, growth in earnings per share, increase in net income and good cash flow from operations. We feel these strengths outweigh the fact that the company has had somewhat disappointing return on equity."