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

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