Zacks Investment Research upgraded shares of Exar Corp. (NYSE:EXAR) from a hold rating to a buy rating in a research report sent to investors on Tuesday morning. The brokerage currently has $10.00 target price on the stock.
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 EXAR. B. Riley reaffirmed a buy rating and issued a $10.50 price target on shares of Exar Corp. in a research note on Tuesday, July 5th. Stifel Nicolaus raised their price target 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. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have given a buy rating to the stock. Exar Corp. currently has an average rating of Buy and an average price target of $20.83.
Exar Corp. (NYSE:EXAR) opened at 8.88 on Tuesday. The stock’s 50 day moving average price is $9.15 and its 200-day moving average price is $7.77. The company’s market cap is $440.22 million. Exar Corp. has a 1-year low of $4.82 and a 1-year high of $9.85.
Exar Corp. (NYSE:EXAR) last issued its quarterly earnings results on Wednesday, August 3rd. The company reported $0.08 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.07 by $0.01. The firm had revenue of $27.10 million for the quarter, compared to analyst estimates of $26.60 million. Exar Corp. had a negative net margin of 3.36% and a positive return on equity of 5.31%. Exar Corp.’s quarterly revenue was down 3.8% compared to the same quarter last year. During the same period last year, the company posted $0.10 EPS. On average, analysts forecast that Exar Corp. will post $0.34 earnings per share for the current year.
In other Exar Corp. news, VP James Lougheed bought 3,400 shares of the firm’s stock in a transaction on Monday, August 8th. The shares were acquired at an average cost of $8.81 per share, with a total value of $29,954.00. Following the purchase, the vice president now directly owns 29,471 shares of the company’s stock, valued at approximately $259,639.51. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. 2.53% of the stock is currently owned by company insiders.
Several hedge funds have recently added to or reduced their stakes in EXAR. A.R.T. Advisors LLC purchased a new stake in Exar Corp. during the second quarter valued at approximately $105,000. BNP Paribas Arbitrage SA raised its stake in Exar Corp. by 87.6% in the second quarter. BNP Paribas Arbitrage SA now owns 14,773 shares of the company’s stock valued at $119,000 after buying an additional 6,899 shares during the last quarter. Royal Bank of Canada raised 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 valued at $129,000 after buying an additional 14,164 shares during the last quarter. Metropolitan Life Insurance Co. NY raised its stake in Exar Corp. by 7.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 31,363 shares of the company’s stock valued at $180,000 after buying an additional 2,273 shares during the last quarter. Finally, Thrivent Financial for Lutherans raised its stake in Exar Corp. by 3.0% in the second quarter. Thrivent Financial for Lutherans now owns 23,170 shares of the company’s stock valued at $187,000 after buying an additional 670 shares during the last quarter. 77.95% of the stock is currently owned by hedge funds and other institutional investors.
Exar Corp. Company Profile
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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