Xilinx Inc. (XLNX) Upgraded 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 report issued to clients and investors on Tuesday. The firm currently has a $60.00 price objective on the programmable devices maker’s stock. Zacks Investment Research’s price target would indicate a potential upside of 12.17% from the stock’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.”
Other equities research analysts have also recently issued reports about the company. Morgan Stanley reissued a “hold” rating on shares of Xilinx in a report on Tuesday, May 24th. Robert W. Baird reissued an “outperform” rating and set a $52.00 price objective on shares of Xilinx in a report on Wednesday, May 25th. Pacific Crest reissued an “overweight” rating and set a $55.00 price objective on shares of Xilinx in a report on Wednesday, May 25th. Nomura reissued a “neutral” rating and set a $41.00 price objective on shares of Xilinx in a report on Thursday, May 26th. Finally, Goldman Sachs Group Inc. lowered Xilinx from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $54.00 to $51.00 in a report on Wednesday, June 1st. One analyst has rated the stock with a sell rating, fifteen have given a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus target price of $50.09.
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Shares of Xilinx (NASDAQ:XLNX) traded down 0.67% during midday trading on Tuesday, reaching $53.13. 368,055 shares of the company’s stock were exchanged. The company has a market cap of $13.47 billion, a P/E ratio of 25.19 and a beta of 1.33. Xilinx has a 12 month low of $40.44 and a 12 month high of $54.82. The firm has a 50 day moving average price of $52.88 and a 200 day moving average price of $48.04.
Xilinx (NASDAQ:XLNX) last issued its quarterly earnings data on Wednesday, July 27th. The programmable devices maker reported $0.61 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.05. Xilinx had a return on equity of 21.83% and a net margin of 25.28%. The business had revenue of $574.90 million for the quarter, compared to analysts’ expectations of $571.06 million. During the same period last year, the business earned $0.55 EPS. The business’s revenue was up 4.7% on a year-over-year basis. Equities research analysts forecast that Xilinx will post $2.22 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, August 24th. Shareholders of record on Thursday, August 11th were issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 2.47%. The ex-dividend date of this dividend was Tuesday, August 9th. Xilinx’s dividend payout ratio is 62.26%.
In other Xilinx news, insider Steven L. Glaser sold 9,922 shares of the stock in a transaction dated Monday, August 1st. The stock was sold at an average price of $51.21, for a total value of $508,105.62. Following the transaction, the insider now owns 20,118 shares of the company’s stock, valued at $1,030,242.78. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Moshe Gavrielov sold 4,812 shares of the stock in a transaction dated Tuesday, September 6th. The shares were sold at an average price of $54.73, for a total value of $263,360.76. Following the completion of the transaction, the chief executive officer now directly owns 356,622 shares in the company, valued at approximately $19,517,922.06. The disclosure for this sale can be found here. 0.52% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently bought and sold shares of the company. FIL Ltd boosted its stake in Xilinx by 905.7% in the second quarter. FIL Ltd now owns 4,434,813 shares of the programmable devices maker’s stock valued at $204,577,000 after buying an additional 3,993,842 shares in the last quarter. Alliancebernstein L.P. boosted its stake in Xilinx by 45.7% in the second quarter. Alliancebernstein L.P. now owns 9,876,804 shares of the programmable devices maker’s stock valued at $455,617,000 after buying an additional 3,097,167 shares in the last quarter. Norges Bank acquired a new stake in Xilinx during the fourth quarter valued at about $132,917,000. Capital Research Global Investors boosted its stake in Xilinx by 36.1% in the second quarter. Capital Research Global Investors now owns 9,590,311 shares of the programmable devices maker’s stock valued at $442,401,000 after buying an additional 2,544,411 shares in the last quarter. Finally, First Eagle Investment Management LLC boosted its stake in Xilinx by 14.7% in the second quarter. First Eagle Investment Management LLC now owns 12,145,640 shares of the programmable devices maker’s stock valued at $560,278,000 after buying an additional 1,556,452 shares in the last quarter. 91.38% of the stock is currently owned by hedge funds and other institutional investors.
Xilinx Company Profile
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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