Jeffrey Smith’s Starboard Value Cuts Its Exposure to Integrated Device Technology (IDTI)

Jeffrey Smith’s Starboard Value LP, further trimmed its stake in Integrated Device Technology, Inc (NASDAQ:IDTI) to 8.80 million shares from 10.20 million shares held earlier. The stake amasses 5.9% of the company’s stock.

Jeff Smith

Moreover, according to the filing Peter Feld, a managing partner at Starboard, resigned from its director position on the Board of Integrated Device Technology, Inc. (NASDAQ:IDTI) on February 26. However, the company maintains that Mr. Feld’s resignation is not a fallout of any disagreement or dispute. Mr. Feld served on the company’s board since June 2012.

Starboard Value LP has cut its exposure in Integrated Device Technology Inc (NASDAQ:IDTI) for the second time during the past several months. It reduced its stake holdings to 10.20 million shares in January 2014, from 11.53 million shares held at the end of December last year. However, this is in accordance of the Trading Plan Agreement signed by the fund with Credit Suisse Securities. Under the terms of the plan, Starboard Value LP plans to sell around 3.7 million shares of Integrated Device Technology.

Integrated Device Technology, Inc. (NASDAQ:IDTI) is a designer, developer, manufacturer and marketer of semiconductors solutions. The market cap of the California based company is $1.90 billion

Recently, a board of director at Integrated Device Technology Inc (NASDAQ:IDTI), Umesh Padval, unloaded 10,000 shares of the common stock of the company, at an average price of $12.76. Currently, Mr. Padval owns around 39,200 shares, which is equivalent to a reported value of around $500,100.

Earlier this month, the analog and digital company, declared its financial results for the third quarter of fiscal year 2014. It recorded revenues of $124.6 million, up from $114.3 million posted a year ago. The company also showed earnings per share of $0.17 in the third quarter of fiscal 2014, up from $0.06 in the year-ago period, and slightly above the estimates of $0.13.

In the past couple of days, Jefferson Research upgraded the semiconductor manufacturer to a ‘buy’ recommendation from a ‘hold’ recommendation. EVA Dimensions LLC, also followed the suit and upgraded the Integrated Device Technology to ‘Overweight’ rating from ‘Hold’. Last month, Zacks also raised the target price of Integrated Device to $11.60 and upgraded its rating on the stock to ‘Outperform’ from ‘Neutral’.

Other stakeholders of Integrated Device Technology include Stephen V. Raneri’s Lioneye Capital Management, which held 1.38 million shares, followed by Ellington, led by Mike Vranos, which held 69,200 shares of the company’s common stock at the end of the fourth quarter last year.

Starboard Value is a “fundamental oriented activist” hedge fund founded in 2002, by Jeffrey Smith. The fund is heavy weight on small cap stocks. The total portfolio value of the fund amounted to $1.98 billion in December 2013.

Late last month, the fund trimmed its position in Calgon Carbon Corporation (NYSE:CCC). It sold 660,000 shares of the company and currently owns 4.62 million shares. The activist reduced stake from around 5.28 million shares held earlier.

Some of the largest investments of the fund as at the end of the fourth quarter of 2013 involves Darden Restaurants Inc. (NYSE:DRI), in which Starboard owns 7.25 million shares, worth $394.18 million. The fund, also holds 43.45 million shares of Office Depot Inc (NYSE:ODP), with a reported value of $229.85 million.

Disclosure:none

Recommended Reading:

Warren Buffett Ups Stake in DaVita HealthCare Partners Inc (DVA) to 18%

Free Stock Research Report: Hawaiian Holdings, Inc. (HA)

Stonerise Capital Management Trims Its Stake in Cash Store Financial Services Inc (CSFS)

Dividend Stock Alert - Billionaire Robbins' Top Dividend Idea With 70% Upside Potential

Get Paid 3.5% Per Year While Waiting For The Stock Appreciate 70%

Larry Robbins' Glenview Capital Opportunity Fund returned 101.7% in 2013 and Robbins personally made $750 million. The same fund returned 25.3% in 2014. In this FREE REPORT we will share Robbins' top dividend idea that yields 3.5% and has been increasing its dividends for 39 consecutive years. Robbins thinks the stock has the potential to appreciate 70%.

This is a FREE report from Insider Monkey. Credit Card is NOT required.
Click here to Read Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 74 percentage points in 2.5 years. Our beta is only 1.2 (download a FREE newsletter and see the details inside)

Lists

Best Selling Magazines in the World

Shortest People in History

The Most Celebrated Holidays in the World

Most Expensive Handbag Brands in the World

Top Selling Comic Book Issues of this Century

The Most Powerful Women in Politics

Best Paid DJs

Most Rebellious Female Artists

Best Paid TV Actresses of 2014

Best Paid Actors of 2014

Most Expensive Horses in the World

Tallest People Ever

Most Encouraging Feminist Celebrities

Best Paid Supermodels of 2014

Top 10 Suburbs for Retirement in 2015

10 Wealthiest Cities in America

Top 10 TED Talks for Entrepreneurs

Best TED Talks on Education

25 Most Dangerous Places to Live in America

Top 10 Ski Resorts in the United States – 2014 List

Top 10 Most Remote Places in the World

Most Visited Museums in the United States

Wealthiest Photographers in the World

Most Famous Gay Athletes

The World’s Most Famous Circuses

Best Hair Stylists

Most Popular NASCAR Drivers

The Best Romance Movies of all Time

The Most Wanted Drug Lords

The Oldest Money Managers

The Greatest Directors in the World

Largest Animals in the World

World’s Most Expensive Desserts

Best Selling Comic Books of All Time

A-list Actors who Sabotaged Their Career

Rappers With a College Degree

The Best Jazz Albums of all Time

The Most Influential Jazz Musicians

The World’s Most Famous Photographers

The Best Oscar-Winning Songs

Most Influential Choreographers Ever

Most Expensive Department Stores in the World

The Most Expensive Stolen Paintings in the World

The World’s Most Expensive Teas

Top Oscar Record Holders

The Most Expensive Flowers in the World

Countries With a Booming Film Industry

Most Expensive Cupcakes in the World

Uncommon European Escapes

The Most Stolen Artists in History

Subscribe

Enter your email:

Delivered by FeedBurner

X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!