Xilinx Inc. (XLNX) Rating Increased to Buy at Zacks Investment Research
Xilinx Inc. (NASDAQ:XLNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The firm currently has a $60.00 price target on the programmable devices maker’s stock. Zacks Investment Research’s price objective would indicate a potential upside of 12.17% from the company’s current price.
According to Zacks, “The California-based chipmaker Xilinx designs and manufactures a broad range of high-performance, high-density programmable devices. Increasing demand for 28-nm, 20-nm and 16-nm nodes, driven by higher wireless deployments and strength in the wired communication segment, are expected to remain growth drivers. Further, we are optimistic about the company’s recent decision to tap the fast growing cloud computing, embedded, industrial IoT, and 5G markets which are likely to boost its revenues in the long-run. Nonetheless, a slowdown in the Chinese economy, along with economic weakness in Europe and the Asia-Pacific, could impact Xilinx’s near-term results. Further, the company has been facing new challenges due to the acquisition of Altera by Intel.”
XLNX has been the topic of a number of other research reports. Wells Fargo & Co. reiterated a “buy” rating on shares of Xilinx in a research note on Wednesday, July 6th. Jefferies Group lifted their price objective on shares of Xilinx from $48.00 to $50.00 and gave the company a “hold” rating in a research note on Thursday, July 28th. Robert W. Baird reiterated an “outperform” rating and set a $52.00 price objective on shares of Xilinx in a research note on Wednesday, May 25th. MKM Partners raised their price target on shares of Xilinx from $52.00 to $55.00 and gave the stock a “neutral” rating in a research report on Wednesday, August 31st. Finally, Morgan Stanley raised their price target on shares of Xilinx from $43.00 to $46.00 and gave the stock an “equal weight” rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, fifteen have issued a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $50.09.
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Shares of Xilinx (NASDAQ:XLNX) traded down 0.64% on Tuesday, hitting $53.15. 361,614 shares of the stock traded hands. The firm’s 50-day moving average is $52.88 and its 200 day moving average is $48.04. Xilinx has a 12-month low of $40.44 and a 12-month high of $54.82. The firm has a market cap of $13.47 billion, a P/E ratio of 25.20 and a beta of 1.33.
Xilinx (NASDAQ:XLNX) last posted its quarterly earnings data on Wednesday, July 27th. The programmable devices maker reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The company had revenue of $574.90 million for the quarter, compared to analyst estimates of $571.06 million. Xilinx had a net margin of 25.28% and a return on equity of 21.83%. The business’s quarterly revenue was up 4.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.55 earnings per share. Equities research analysts forecast that Xilinx will post $2.22 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Shareholders of record on Thursday, August 11th were issued a dividend of $0.33 per share. The ex-dividend date of this dividend was Tuesday, August 9th. This represents a $1.32 annualized dividend and a yield of 2.47%. Xilinx’s payout ratio is presently 62.26%.
In other Xilinx news, Director Marshall C. Turner sold 16,000 shares of the business’s stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $50.00, for a total transaction of $800,000.00. Following the sale, the director now owns 49,384 shares in the company, valued at approximately $2,469,200. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Vincent Tong sold 80,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $51.79, for a total value of $4,143,200.00. Following the sale, the insider now owns 107,879 shares in the company, valued at approximately $5,587,053.41. The disclosure for this sale can be found here. Company insiders own 0.52% of the company’s stock.
Hedge funds have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund acquired a new position in Xilinx during the second quarter valued at $473,000. Kentucky Retirement Systems acquired a new position in Xilinx during the second quarter valued at $995,000. Mason Street Advisors LLC acquired a new position in Xilinx during the second quarter valued at $1,577,000. Northwestern Mutual Wealth Management Co. boosted its position in Xilinx by 21.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,297 shares of the programmable devices maker’s stock valued at $106,000 after buying an additional 407 shares during the period. Finally, Perigon Wealth Management LLC acquired a new position in Xilinx during the second quarter valued at $4,613,000. Hedge funds and other institutional investors own 91.38% of the company’s stock.
Xilinx, Inc (Xilinx) designs and develops programmable devices and associated technologies. The Company’s programmable devices and associated technologies include integrated circuits (IC) in the form of programmable logic devices (PLD); software design tools to program the PLDs; targeted reference designs; printed circuit boards, and intellectual property (IP), which consists of Xilinx, and third-party verification and IP cores.
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