Exar Corp. (EXAR) Raised to “Buy” at Zacks Investment Research
Exar Corp. (NYSE:EXAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $10.00 price objective on the stock. Zacks Investment Research’s target price suggests a potential upside of 10.74% from the company’s previous close.
According to Zacks, “Exar Corporation designs, develops and markets analog and mixed-signal integrated circuits for use in communications and video and imaging products. The company’s target markets are ones in which the company believes its design and process expertise, combined with its knowledge of particular system application requirements, enables the company to deliver products that provide effective solutions to customer needs. The company also produces digital integrated circuits used in communications products, as well as general purpose analog integrated circuits. “
A number of other research analysts have also weighed in on the stock. Stifel Nicolaus lifted their price objective on shares of Exar Corp. from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, June 16th. B. Riley reiterated a “buy” rating and issued a $11.50 price objective on shares of Exar Corp. in a research note on Tuesday, August 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating and four have assigned a buy rating to the company’s stock. Exar Corp. currently has an average rating of “Buy” and a consensus target price of $20.83.
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Exar Corp. (NYSE:EXAR) traded down 4.14% during midday trading on Tuesday, hitting $9.03. The stock had a trading volume of 209,972 shares. The company has a 50-day moving average of $9.16 and a 200-day moving average of $7.73. Exar Corp. has a 1-year low of $4.82 and a 1-year high of $9.85. The stock’s market cap is $447.65 million.
Exar Corp. (NYSE:EXAR) last released its quarterly earnings data on Wednesday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.01. Exar Corp. had a negative net margin of 3.36% and a positive return on equity of 5.31%. The business earned $27.10 million during the quarter, compared to analyst estimates of $26.60 million. During the same period in the previous year, the business earned $0.10 EPS. Exar Corp.’s revenue was down 3.8% compared to the same quarter last year. Equities research analysts forecast that Exar Corp. will post $0.34 EPS for the current year.
In other news, VP James Lougheed purchased 3,400 shares of the business’s stock in a transaction on Monday, August 8th. The stock was purchased at an average cost of $8.81 per share, with a total value of $29,954.00. Following the acquisition, the vice president now directly owns 29,471 shares in the company, valued at $259,639.51. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 2.53% of the stock is currently owned by company insiders.
Several hedge funds have recently bought and sold shares of the company. DIAM Co. Ltd. increased its stake in Exar Corp. by 0.8% in the second quarter. DIAM Co. Ltd. now owns 159,700 shares of the company’s stock worth $1,286,000 after buying an additional 1,300 shares in the last quarter. Geode Capital Management LLC increased its stake in Exar Corp. by 1.2% in the first quarter. Geode Capital Management LLC now owns 288,417 shares of the company’s stock worth $1,658,000 after buying an additional 3,468 shares in the last quarter. Boston Partners increased its stake in Exar Corp. by 0.4% in the second quarter. Boston Partners now owns 3,218,380 shares of the company’s stock worth $25,908,000 after buying an additional 13,930 shares in the last quarter. California State Teachers Retirement System increased its stake in Exar Corp. by 2.8% in the second quarter. California State Teachers Retirement System now owns 85,619 shares of the company’s stock worth $689,000 after buying an additional 2,324 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in Exar Corp. by 171.2% in the first quarter. Royal Bank of Canada now owns 22,436 shares of the company’s stock worth $129,000 after buying an additional 14,164 shares in the last quarter. 77.95% of the stock is owned by institutional investors.
About Exar Corp.
Exar Corporation (Exar) designs, develops and markets analog mixed-signal integrated circuits (ICs) and sub-system solutions. The Company’s products are deployed in a range of applications, such as industrial, instrumentation and medical equipment, networking and telecommunication systems, servers, enterprise storage systems, flat panel displays, light emitting diode (LED) lighting solutions, set top boxes and digital video recorders.
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