Zacks Investment Research upgraded shares of Xilinx Inc. (NASDAQ:XLNX) from a hold rating to a buy rating in a research report released on Tuesday morning. They currently have $60.00 target price on the programmable devices maker’s stock.
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 analysts also recently issued research reports about the company. Wells Fargo & Co. restated a buy rating on shares of Xilinx in a report on Wednesday, July 6th. Robert W. Baird restated a buy rating and set a $52.00 target price on shares of Xilinx in a report on Friday, June 17th. BMO Capital Markets restated a buy rating and set a $60.00 target price on shares of Xilinx in a report on Thursday, July 28th. Morgan Stanley upped their target price on Xilinx from $43.00 to $46.00 and gave the company an equal weight rating in a report on Thursday, July 28th. Finally, Jefferies Group upped their target price on Xilinx from $48.00 to $50.00 and gave the company a hold rating in a report on Thursday, July 28th. One investment analyst has rated the stock with a sell rating, fifteen have issued a hold rating, seven have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $50.09.
Xilinx (NASDAQ:XLNX) opened at 53.12 on Tuesday. The stock has a market capitalization of $13.46 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’s 50-day moving average is $53.13 and its 200-day moving average is $48.20.
Xilinx (NASDAQ:XLNX) last announced its earnings results on Wednesday, July 27th. The programmable devices maker reported $0.61 EPS for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The company earned $574.90 million during the quarter, compared to the consensus estimate of $571.06 million. Xilinx had a return on equity of 21.83% and a net margin of 25.28%. The firm’s revenue for the quarter was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.55 earnings per share. Analysts predict that Xilinx will post $2.22 EPS for the current fiscal year.
In related news, CEO Moshe Gavrielov sold 4,812 shares of the stock in a transaction on Tuesday, September 6th. The stock was sold at an average price of $54.73, for a total transaction of $263,360.76. Following the sale, the chief executive officer now directly owns 356,622 shares of the company’s stock, valued at $19,517,922.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Krishna Rangasayee sold 14,821 shares of the stock in a transaction on Thursday, August 11th. The shares were sold at an average price of $51.75, for a total value of $766,986.75. Following the sale, the insider now directly owns 30,186 shares in the company, valued at $1,562,125.50. The disclosure for this sale can be found here. 0.52% of the stock is owned by insiders.
Several large investors have recently added to or reduced their stakes in the stock. Panagora Asset Management Inc. boosted its stake in Xilinx by 402.7% in the first quarter. Panagora Asset Management Inc. now owns 712,401 shares of the programmable devices maker’s stock valued at $33,789,000 after buying an additional 570,675 shares during the period. Nuveen Asset Management LLC boosted its stake in Xilinx by 595.7% in the first quarter. Nuveen Asset Management LLC now owns 122,980 shares of the programmable devices maker’s stock valued at $5,832,000 after buying an additional 105,302 shares during the period. Legal & General Group Plc boosted its stake in Xilinx by 7.8% in the first quarter. Legal & General Group Plc now owns 1,110,273 shares of the programmable devices maker’s stock valued at $52,661,000 after buying an additional 79,982 shares during the period. Oak Associates Ltd. OH boosted its stake in Xilinx by 1.0% in the first quarter. Oak Associates Ltd. OH now owns 558,729 shares of the programmable devices maker’s stock valued at $26,501,000 after buying an additional 5,660 shares during the period. Finally, Retirement Systems of Alabama boosted its stake in Xilinx by 57.7% in the second quarter. Retirement Systems of Alabama now owns 844,352 shares of the programmable devices maker’s stock valued at $38,950,000 after buying an additional 308,849 shares during the period. 91.37% of the stock is currently 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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