Xilinx Inc. (XLNX) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Xilinx Inc. (NASDAQ:XLNX) from a hold rating to a buy rating in a research report report published 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.”
A number of other research analysts have also recently commented on XLNX. Wells Fargo & Co. reaffirmed a buy rating on shares of Xilinx in a research report on Wednesday, July 6th. Jefferies Group upped their price target on Xilinx from $48.00 to $50.00 and gave the company a hold rating in a research report on Thursday, July 28th. Robert W. Baird reaffirmed an outperform rating and set a $52.00 price target on shares of Xilinx in a research report on Wednesday, May 25th. MKM Partners upped their price target on Xilinx from $52.00 to $55.00 and gave the company a neutral rating in a research report on Wednesday, August 31st. Finally, Morgan Stanley upped their price target on Xilinx from $43.00 to $46.00 and gave the company an equal weight rating in a research report on Thursday, July 28th. One equities research analyst has rated the stock with a sell rating, fifteen have assigned a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company. The company has an average rating of Hold and an average price target of $50.09.
Xilinx (NASDAQ:XLNX) opened at 53.44 on Tuesday. Xilinx has a 52-week low of $40.44 and a 52-week high of $54.82. The firm has a 50-day moving average price of $53.08 and a 200-day moving average price of $48.16. The company has a market cap of $13.55 billion, a PE ratio of 25.34 and a beta of 1.33.
Xilinx (NASDAQ:XLNX) last announced its quarterly earnings data on Wednesday, July 27th. The programmable devices maker reported $0.61 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.56 by $0.05. The firm 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 business’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 EPS. On average, analysts forecast that Xilinx will post $2.22 EPS for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Wednesday, August 24th. Investors of record on Thursday, August 11th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.47%. The ex-dividend date was Tuesday, August 9th. Xilinx’s payout ratio is currently 62.26%.
In related news, insider Steven L. Glaser sold 4,742 shares of Xilinx stock in a transaction on Friday, August 5th. The stock was sold at an average price of $51.59, for a total value of $244,639.78. Following the completion of the sale, the insider now owns 15,376 shares of the company’s stock, valued at $793,247.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Marshall C. Turner sold 16,000 shares of Xilinx stock in a transaction on Thursday, July 28th. The stock was sold at an average price of $50.00, for a total value of $800,000.00. Following the completion of the sale, the director now directly owns 49,384 shares of the company’s stock, valued at approximately $2,469,200. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.
A number of hedge funds have recently added to or reduced their stakes in the stock. Pioneer Investment Management Inc. bought a new stake in Xilinx during the fourth quarter valued at about $5,653,000. Norges Bank bought a new stake in Xilinx during the fourth quarter valued at about $132,917,000. Chevy Chase Trust Holdings Inc. raised its stake in Xilinx by 4.1% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 216,166 shares of the programmable devices maker’s stock valued at $10,253,000 after buying an additional 8,561 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund raised its stake in Xilinx by 12.5% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 58,184 shares of the programmable devices maker’s stock valued at $2,760,000 after buying an additional 6,442 shares in the last quarter. Finally, Exxonmobil Investment Management Inc. TX raised its stake in Xilinx by 8.0% in the first quarter. Exxonmobil Investment Management Inc. TX now owns 62,218 shares of the programmable devices maker’s stock valued at $2,951,000 after buying an additional 4,619 shares in the last quarter. 91.37% of the stock is owned by institutional investors and hedge funds.
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Xilinx Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Xilinx Inc. and related companies with MarketBeat.com's FREE daily email newsletter.