Should You Buy Integrated Device Technology, Inc. (IDTI)?

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Integrated Device Technology, Inc. (NASDAQ:IDTI) investors should be aware of an increase in activity from the world’s largest hedge funds recently.

Integrated Device Technology, Inc. (NASDAQ:IDTI)

In the eyes of most stock holders, hedge funds are viewed as worthless, outdated financial tools of yesteryear. While there are over 8000 funds trading at the moment, we at Insider Monkey look at the bigwigs of this club, close to 450 funds. Most estimates calculate that this group controls the lion’s share of the hedge fund industry’s total asset base, and by paying attention to their best picks, we have figured out a number of investment strategies that have historically outpaced Mr. Market. Our small-cap hedge fund strategy outperformed the S&P 500 index by 18 percentage points per annum for a decade in our back tests, and since we’ve began to sharing our picks with our subscribers at the end of August 2012, we have outclassed the S&P 500 index by 23.3 percentage points in 8 months (explore the details and some picks here).

Just as integral, positive insider trading activity is another way to break down the world of equities. As the old adage goes: there are a variety of stimuli for a bullish insider to cut shares of his or her company, but just one, very clear reason why they would initiate a purchase. Various empirical studies have demonstrated the useful potential of this strategy if shareholders know what to do (learn more here).

With all of this in mind, we’re going to take a peek at the latest action regarding Integrated Device Technology, Inc. (NASDAQ:IDTI).

Hedge fund activity in Integrated Device Technology, Inc. (NASDAQ:IDTI)

At the end of the first quarter, a total of 17 of the hedge funds we track held long positions in this stock, a change of 6% from the first quarter. With hedgies’ positions undergoing their usual ebb and flow, there exists a few notable hedge fund managers who were increasing their stakes significantly.

According to our comprehensive database, Jeffrey Smith’s Starboard Value LP had the biggest position in Integrated Device Technology, Inc. (NASDAQ:IDTI), worth close to $93.4 million, accounting for 8.5% of its total 13F portfolio. Coming in second is Ken Griffin of Citadel Investment Group, with a $22.5 million position; less than 0.1%% of its 13F portfolio is allocated to the stock. Other hedge funds that hold long positions include Bill Miller’s Legg Mason Capital Management, Brian Ashford-Russell and Tim Woolley’s Polar Capital and Dmitry Balyasny’s Balyasny Asset Management.

As aggregate interest increased, some big names have jumped into Integrated Device Technology, Inc. (NASDAQ:IDTI) headfirst. SG Capital Management, managed by Ken Grossman and Glen Schneider, established the most valuable position in Integrated Device Technology, Inc. (NASDAQ:IDTI). SG Capital Management had 7.3 million invested in the company at the end of the quarter. Louis Bacon’s Moore Global Investments also made a $1.4 million investment in the stock during the quarter. The following funds were also among the new IDTI investors: Matthew Tewksbury’s Stevens Capital Management, Israel Englander’s Millennium Management, and David Costen Haley’s HBK Investments.

Insider trading activity in Integrated Device Technology, Inc. (NASDAQ:IDTI)

Insider purchases made by high-level executives is at its handiest when the company we’re looking at has seen transactions within the past six months. Over the latest 180-day time period, Integrated Device Technology, Inc. (NASDAQ:IDTI) has experienced zero unique insiders buying, and 8 insider sales (see the details of insider trades here).

Let’s also take a look at hedge fund and insider activity in other stocks similar to Integrated Device Technology, Inc. (NASDAQ:IDTI). These stocks are Advanced Micro Devices, Inc. (NYSE:AMD), Cypress Semiconductor Corporation (NASDAQ:CY), M/A-COM Technology Solutions Holdings (NASDAQ:MTSI), Spreadtrum Communications, Inc (ADR) (NASDAQ:SPRD), and Intersil Corp (NASDAQ:ISIL). This group of stocks belong to the semiconductor – broad line industry and their market caps are closest to IDTI’s market cap.

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