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 report published on Tuesday. They currently have $60.00 price objective 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 firms have also weighed in on XLNX. MKM Partners upped their target price on Xilinx from $52.00 to $55.00 and gave the stock a neutral rating in a report on Wednesday, August 31st. Pacific Crest increased their price objective on Xilinx from $55.00 to $65.00 and gave the company an overweight rating in a report on Thursday, August 18th. BMO Capital Markets reiterated a buy rating and set a $60.00 price objective on shares of Xilinx in a report on Thursday, July 28th. Morgan Stanley increased their price objective on Xilinx from $43.00 to $46.00 and gave the company an equal weight rating in a report on Thursday, July 28th. Finally, Deutsche Bank AG increased their price objective on Xilinx from $44.00 to $49.00 and gave the company a hold rating in a report on Thursday, July 28th. One 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’s stock. The company has a consensus rating of Hold and a consensus target price of $50.09.
Shares of Xilinx (NASDAQ:XLNX) opened at 53.44 on Tuesday. The firm’s 50-day moving average price is $53.08 and its 200 day moving average price is $48.16. The company has a market cap of $13.55 billion, a price-to-earnings ratio of 25.34 and a beta of 1.33. Xilinx has a 12-month low of $40.44 and a 12-month high of $54.82.
Xilinx (NASDAQ:XLNX) last posted its earnings results on Wednesday, July 27th. The programmable devices maker reported $0.61 earnings per share for the quarter, topping analysts’ consensus estimates of $0.56 by $0.05. The company earned $574.90 million during the quarter, compared to analyst estimates of $571.06 million. Xilinx had a return on equity of 21.83% and a net margin of 25.28%. Xilinx’s revenue was up 4.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.55 earnings per share. On average, analysts predict that Xilinx will post $2.22 earnings per share 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 yield of 2.47%. The ex-dividend date of this dividend was Tuesday, August 9th. Xilinx’s payout ratio is 62.26%.
In related news, Director Marshall C. Turner sold 16,000 shares of Xilinx stock in a transaction dated Thursday, July 28th. The stock was sold at an average price of $50.00, for a total value of $800,000.00. Following the sale, the director now directly owns 49,384 shares in the company, valued at approximately $2,469,200. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Vincent Tong sold 80,000 shares of Xilinx stock in a transaction dated Tuesday, August 9th. The stock was sold at an average price of $51.79, for a total value of $4,143,200.00. Following the completion of the sale, the insider now owns 107,879 shares in the company, valued at $5,587,053.41. The disclosure for this sale can be found here. 0.52% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of the company. Kentucky Retirement Systems Insurance Trust Fund purchased a new stake in Xilinx during the second quarter valued at about $473,000. Kentucky Retirement Systems purchased a new stake in Xilinx during the second quarter valued at about $995,000. Mason Street Advisors LLC purchased a new stake in Xilinx during the second quarter valued at about $1,577,000. Northwestern Mutual Wealth Management Co. boosted its stake in Xilinx by 21.5% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 2,297 shares of the programmable devices maker’s stock valued at $106,000 after buying an additional 407 shares during the last quarter. Finally, Perigon Wealth Management LLC purchased a new stake in Xilinx during the second quarter valued at about $4,613,000. Institutional investors own 91.37% of the company’s stock.
Xilinx Company Profile
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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