MaxLinear (NASDAQ:MXL) Shares Gap Up – Still a Buy?

MaxLinear, Inc (NASDAQ:MXL) shares gapped up prior to trading on Monday. The stock had previously closed at $71.32, but opened at $76.40. MaxLinear shares last traded at $76.2770, with a volume of 710,767 shares traded.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Susquehanna lifted their price objective on shares of MaxLinear from $45.00 to $80.00 and gave the stock a “neutral” rating in a research note on Friday, July 24th. Needham & Company LLC increased their target price on shares of MaxLinear from $60.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, July 24th. Roth Capital raised their target price on shares of MaxLinear from $60.00 to $100.00 and gave the stock a “buy” rating in a report on Friday, July 24th. Wells Fargo & Company lowered their target price on shares of MaxLinear from $95.00 to $78.00 and set an “equal weight” rating for the company in a report on Tuesday. Finally, Morgan Stanley set a $125.00 price target on shares of MaxLinear in a research note on Monday, September 14th. Five investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $88.91.

MaxLinear Stock Down 4.7%

The company has a current ratio of 1.78, a quick ratio of 1.15 and a debt-to-equity ratio of 0.26. The business has a 50-day moving average price of $77.75 and a 200-day moving average price of $75.29. The firm has a market cap of $6.67 billion, a P/E ratio of 856.78 and a beta of 3.93.

MaxLinear (NASDAQ:MXL) last announced its quarterly earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 EPS for the quarter, beating the consensus estimate of $0.33 by $0.02. The firm had revenue of $168.85 million for the quarter, compared to analyst estimates of $164.64 million. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%. The business’s revenue for the quarter was up 55.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.02 earnings per share. On average, equities analysts forecast that MaxLinear, Inc will post 0.78 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Kishore Seendripu sold 351,454 shares of the business’s stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $85.95, for a total value of $30,207,471.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 7.70% of the company’s stock.

Institutional Investors Weigh In On MaxLinear

Hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in shares of MaxLinear during the second quarter valued at about $1,754,062,000. The Manufacturers Life Insurance Company bought a new stake in shares of MaxLinear in the 2nd quarter valued at about $165,221,000. AIGH Capital Management LLC purchased a new position in shares of MaxLinear in the 2nd quarter worth approximately $104,729,000. Connor Clark & Lunn Investment Management Ltd. purchased a new position in shares of MaxLinear in the 2nd quarter worth approximately $81,056,000. Finally, Bank of New York Mellon Corp bought a new position in shares of MaxLinear during the 2nd quarter worth approximately $65,213,000. Hedge funds and other institutional investors own 90.79% of the company’s stock.

About MaxLinear

MaxLinear, Inc is a fabless semiconductor company that designs, develops and sells integrated circuits and related solutions for broadband communications, wired and wireless infrastructure, data centers, industrial applications and consumer electronics. Its products are used by equipment manufacturers and service providers to support the transmission, processing and management of voice, video and data.

The company’s portfolio includes broadband access system-on-chip products, Ethernet transceivers and controllers, high-speed interconnect and communications devices, radio-frequency and analog products, optical and copper connectivity solutions, and power-management components.