Xilinx (XLNX) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Xilinx (NASDAQ:XLNX) from a hold rating to a buy rating in a research report released on Saturday morning. They currently have $79.00 target price on the programmable devices maker’s stock.

According to Zacks, “Xilinx designs and manufactures a broad range of high-performance, high-density programmable logic devices. Estimates for the company have remained stable of late. Moreover, the stock has outperformed the S&P 500 in the year-to-date period. We believe that rising demand for 28-nm, 20-nm and 16-nm nodes is positive for the company. Moreover, favorable product mix (higher Industrial, lower wireless) will help in gross margin expansion in the forthcoming quarter. We believe that Xilinx is well positioned to tap the opportunities arising from an increase in adoption of AI technologies, 5G connectivity, autonomous vehicles and IoTs, which will drive growth over the long-run. The company’s product launches should further aid revenues. Nonetheless, the company’s two biggest markets, India and China, are still facing the challenge of slow wireless deployments, which makes us slightly cautious about its Communication business.”

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Several other analysts also recently issued reports on the company. Goldman Sachs upgraded Xilinx from a neutral rating to a buy rating in a report on Friday, January 5th. Morgan Stanley boosted their price objective on Xilinx from $72.00 to $78.00 and gave the stock an overweight rating in a report on Wednesday, December 13th. SunTrust Banks boosted their price objective on Xilinx to $79.00 and gave the stock an outperform rating in a report on Thursday, January 25th. Barclays restated a hold rating and set a $70.00 price objective on shares of Xilinx in a report on Friday, January 19th. Finally, Argus boosted their price objective on Xilinx to $85.00 and gave the stock a buy rating in a report on Tuesday, January 9th. Four equities research analysts have rated the stock with a sell rating, seven have given a hold rating and twelve have issued a buy rating to the stock. Xilinx currently has an average rating of Hold and a consensus target price of $74.16.

NASDAQ XLNX opened at $66.30 on Friday. The company has a debt-to-equity ratio of 0.73, a quick ratio of 8.59 and a current ratio of 9.08. The stock has a market cap of $16,894.24, a price-to-earnings ratio of 28.58, a P/E/G ratio of 2.46 and a beta of 1.09. Xilinx has a 1 year low of $54.99 and a 1 year high of $78.02.

Xilinx (NASDAQ:XLNX) last posted its quarterly earnings data on Wednesday, January 24th. The programmable devices maker reported $0.05 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.58). The company had revenue of $631.00 million for the quarter, compared to analyst estimates of $630.00 million. Xilinx had a return on equity of 27.61% and a net margin of 20.20%. Xilinx’s quarterly revenue was up 7.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.52 EPS. sell-side analysts expect that Xilinx will post 2.65 earnings per share for the current year.

In related news, SVP Scott Hover-Smoot sold 4,300 shares of the business’s stock in a transaction that occurred on Tuesday, January 30th. The stock was sold at an average price of $71.72, for a total value of $308,396.00. Following the completion of the sale, the senior vice president now owns 37,569 shares of the company’s stock, valued at approximately $2,694,448.68. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Moshe Gavrielov sold 20,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $75.81, for a total value of $1,516,200.00. Following the completion of the sale, the chief executive officer now directly owns 62,813 shares of the company’s stock, valued at approximately $4,761,853.53. The disclosure for this sale can be found here. In the last three months, insiders sold 43,987 shares of company stock valued at $3,271,984. 0.40% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. grew its stake in shares of Xilinx by 3.1% in the 4th quarter. BlackRock Inc. now owns 17,520,566 shares of the programmable devices maker’s stock valued at $1,181,236,000 after buying an additional 525,871 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Xilinx by 3.7% in the 4th quarter. Geode Capital Management LLC now owns 3,026,464 shares of the programmable devices maker’s stock valued at $203,676,000 after buying an additional 106,582 shares in the last quarter. Alkeon Capital Management LLC grew its stake in shares of Xilinx by 0.4% in the 3rd quarter. Alkeon Capital Management LLC now owns 2,494,138 shares of the programmable devices maker’s stock valued at $176,660,000 after buying an additional 10,000 shares in the last quarter. Bank of New York Mellon Corp grew its stake in shares of Xilinx by 1.2% in the 4th quarter. Bank of New York Mellon Corp now owns 2,048,881 shares of the programmable devices maker’s stock valued at $138,136,000 after buying an additional 24,623 shares in the last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in shares of Xilinx by 7.4% in the 4th quarter. UBS Asset Management Americas Inc. now owns 1,304,677 shares of the programmable devices maker’s stock valued at $87,961,000 after buying an additional 89,576 shares in the last quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

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Xilinx Company Profile

Xilinx, Inc designs and develops programmable devices and associated technologies worldwide. Its programmable devices comprise integrated circuits (ICs) in the form of programmable logic devices (PLDs), such as programmable system on chips, and three dimensional ICs; software design tools to program the PLDs; software development environments and embedded platforms; targeted reference designs; printed circuit boards; and intellectual property (IP).

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