MaxLinear, Inc (MXL) Shares Gap Down After Analyst Downgrade
Shares of MaxLinear, Inc (NYSE:MXL) gapped down prior to trading on Thursday after Deutsche Bank AG lowered their price target on the stock from $32.00 to $30.00. The stock had previously closed at $22.71, but opened at $22.65. Deutsche Bank AG currently has a buy rating on the stock. MaxLinear shares last traded at $22.26, with a volume of 529,242 shares trading hands.
MXL has been the topic of several other reports. Stifel Nicolaus upped their price target on shares of MaxLinear from $32.00 to $34.00 and gave the company a “buy” rating in a report on Tuesday, July 4th. BidaskClub cut shares of MaxLinear from a “buy” rating to a “hold” rating in a report on Friday, June 30th. Zacks Investment Research cut shares of MaxLinear from a “strong-buy” rating to a “hold” rating in a report on Tuesday. Roth Capital cut their price target on shares of MaxLinear from $38.00 to $33.50 and set a “buy” rating on the stock in a report on Wednesday. Finally, Needham & Company LLC cut their price target on shares of MaxLinear from $34.00 to $32.00 and set a “buy” rating on the stock in a report on Monday, July 17th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and seven have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and an average target price of $31.36.
In other MaxLinear news, Director Donald E. Schrock sold 30,766 shares of the business’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $30.92, for a total transaction of $951,284.72. Following the completion of the sale, the director now owns 35,486 shares in the company, valued at $1,097,227.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Steven Craddock sold 20,000 shares of the business’s stock in a transaction on Friday, May 26th. The shares were sold at an average price of $30.86, for a total transaction of $617,200.00. Following the sale, the director now owns 73,752 shares of the company’s stock, valued at approximately $2,275,986.72. The disclosure for this sale can be found here. In the last quarter, insiders have sold 276,004 shares of company stock valued at $8,638,836. 11.92% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. raised its stake in MaxLinear by 10.7% in the second quarter. Alliancebernstein L.P. now owns 146,309 shares of the semiconductor company’s stock valued at $4,081,000 after buying an additional 14,140 shares during the last quarter. Engineers Gate Manager LP acquired a new stake in MaxLinear during the second quarter valued at $1,184,000. Pier Capital LLC acquired a new stake in MaxLinear during the second quarter valued at $5,473,000. State of Tennessee Treasury Department acquired a new stake in MaxLinear during the second quarter valued at $1,368,000. Finally, Campbell Newman Asset Management Inc. raised its stake in MaxLinear by 4.8% in the second quarter. Campbell Newman Asset Management Inc. now owns 8,865 shares of the semiconductor company’s stock valued at $247,000 after buying an additional 406 shares during the last quarter. Hedge funds and other institutional investors own 85.44% of the company’s stock.
The firm’s 50 day moving average is $27.12 and its 200-day moving average is $27.64. The firm has a market capitalization of $1.47 billion, a PE ratio of 40.43 and a beta of 0.61.
MaxLinear (NYSE:MXL) last issued its earnings results on Tuesday, August 8th. The semiconductor company reported $0.27 EPS for the quarter, topping the consensus estimate of $0.23 by $0.04. The firm had revenue of $104.18 million during the quarter, compared to analysts’ expectations of $107.77 million. MaxLinear had a return on equity of 23.01% and a net margin of 9.95%. MaxLinear’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $0.50 earnings per share. Equities research analysts forecast that MaxLinear, Inc will post $1.39 EPS for the current year.
MaxLinear, Inc is a provider of radio frequency (RF) and mixed-signal integrated circuits for cable and satellite broadband communications and the connected home, and wired and wireless infrastructure markets. The Company’s RF receiver products capture and process digital and analog broadband signals to be decoded for various applications.
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