Xilinx, Inc. (XLNX) Stock Rating Lowered by Zacks Investment Research
Xilinx, Inc. (NASDAQ:XLNX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Monday.
According to Zacks, “Xilinx designs and manufactures a broad range of high-performance, high-density programmable logic devices (PLDs). We believe that rising demand for 28-nm, 20-nm and 16-nm nodes is positive for the company. Moreover, favorable product mix (higher Industrial, lower wireless) will help in gross margin expansion in the forthcoming quarter. We also believe that Xilinx is well positioned to tap the opportunities arising from an increase in adoption of AI technologies, 5G connectivity, autonomous vehicles and IoTs, which will drive growth over the long-run. The company’s product launches should further aid revenues. However, growth from wireless is expected to remain volatile until 2020, which is a concern. Increasing operating expenses related to tape-outs will weigh on profitability in the near term. Moreover, management’s pessimistic view over business conditions in India and China, two of its fastest growing markets, poses headwinds.”
Other equities research analysts also recently issued reports about the company. Jefferies Group LLC raised Xilinx from a “hold” rating to a “buy” rating and upped their target price for the company from $68.00 to $77.00 in a report on Monday, July 10th. KeyCorp set a $70.00 target price on Xilinx and gave the company a “buy” rating in a report on Thursday, July 27th. Credit Suisse Group set a $75.00 target price on Xilinx and gave the company a “buy” rating in a report on Thursday, July 27th. Vetr raised Xilinx from a “hold” rating to a “buy” rating and set a $70.95 target price for the company in a report on Wednesday, July 26th. Finally, BidaskClub downgraded Xilinx from a “strong-buy” rating to a “buy” rating in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and nine have given a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $69.73.
Xilinx (NASDAQ:XLNX) last announced its earnings results on Wednesday, October 25th. The programmable devices maker reported $0.65 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. Xilinx had a return on equity of 25.17% and a net margin of 25.93%. The business had revenue of $620.00 million during the quarter, compared to analysts’ expectations of $620.99 million. During the same quarter last year, the business posted $0.61 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities analysts expect that Xilinx will post $2.57 earnings per share for the current fiscal year.
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In other news, SVP Scott Hover-Smoot sold 12,143 shares of the firm’s stock in a transaction dated Thursday, August 3rd. The stock was sold at an average price of $62.17, for a total transaction of $754,930.31. Following the completion of the sale, the senior vice president now directly owns 41,869 shares of the company’s stock, valued at approximately $2,602,995.73. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Moshe Gavrielov sold 121,400 shares of the firm’s stock in a transaction dated Monday, October 2nd. The stock was sold at an average price of $70.73, for a total value of $8,586,622.00. Following the sale, the chief executive officer now directly owns 164,304 shares of the company’s stock, valued at $11,621,221.92. The disclosure for this sale can be found here. Insiders have sold a total of 193,542 shares of company stock valued at $13,597,461 over the last ninety days. Company insiders own 0.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Conning Inc. raised its stake in shares of Xilinx by 1.3% during the 3rd quarter. Conning Inc. now owns 417,570 shares of the programmable devices maker’s stock worth $29,576,000 after purchasing an additional 5,555 shares in the last quarter. Crossmark Global Holdings Inc. purchased a new stake in shares of Xilinx during the 3rd quarter worth about $1,498,000. Sumitomo Mitsui Asset Management Company LTD raised its stake in shares of Xilinx by 15.4% during the 3rd quarter. Sumitomo Mitsui Asset Management Company LTD now owns 475,813 shares of the programmable devices maker’s stock worth $33,701,000 after purchasing an additional 63,396 shares in the last quarter. Somerville Kurt F raised its stake in shares of Xilinx by 3.0% during the 3rd quarter. Somerville Kurt F now owns 129,430 shares of the programmable devices maker’s stock worth $9,166,000 after purchasing an additional 3,755 shares in the last quarter. Finally, Puzo Michael J raised its stake in shares of Xilinx by 5.8% during the 3rd quarter. Puzo Michael J now owns 37,520 shares of the programmable devices maker’s stock worth $2,656,000 after purchasing an additional 2,065 shares in the last quarter. 97.28% of the stock is owned by institutional investors.
Xilinx, Inc (Xilinx) is engaged in designing and developing programmable devices and associated technologies. The Company’s programmable devices and associated technologies include integrated circuits (ICs) in the form of programmable logic devices (PLDs), including programmable System on Chips (SoCs) and three-dimensional ICs (3D ICs); software design tools to program the PLDs; targeted reference designs; printed circuit boards, and intellectual property (IP), which consists of Xilinx, and various third-party verification and IP cores.
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