MaxLinear (NYSE:MXL) Upgraded to Buy by Needham & Company LLC

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MaxLinear (NYSE:MXL) was upgraded by analysts at Needham & Company LLC from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage presently has a $24.00 price target on the semiconductor company’s stock. Needham & Company LLC’s price target would indicate a potential upside of 18.23% from the stock’s current price.

Several other research analysts also recently issued reports on MXL. Roth Capital set a $21.00 target price on shares of MaxLinear and gave the stock a “hold” rating in a research note on Friday, October 25th. Deutsche Bank set a $25.00 target price on shares of MaxLinear and gave the stock a “hold” rating in a research note on Friday, July 26th. Stifel Nicolaus set a $26.00 target price on shares of MaxLinear and gave the stock a “buy” rating in a research note on Friday, October 25th. ValuEngine downgraded shares of MaxLinear from a “strong-buy” rating to a “buy” rating in a research note on Monday, November 11th. Finally, Zacks Investment Research downgraded shares of MaxLinear from a “buy” rating to a “hold” rating in a research note on Wednesday, October 30th. Five equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $22.50.

Shares of NYSE MXL traded up $0.46 during midday trading on Tuesday, hitting $20.30. The stock had a trading volume of 74,131 shares, compared to its average volume of 421,669. The business’s 50 day moving average is $21.02 and its 200-day moving average is $22.11. The company has a market cap of $1.43 billion, a P/E ratio of 26.03, a PEG ratio of 4.34 and a beta of 1.23. MaxLinear has a 52 week low of $15.93 and a 52 week high of $28.70. The company has a quick ratio of 2.02, a current ratio of 2.62 and a debt-to-equity ratio of 0.54.

MaxLinear (NYSE:MXL) last issued its earnings results on Thursday, October 24th. The semiconductor company reported $0.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.02. The firm had revenue of $80.00 million for the quarter, compared to the consensus estimate of $80.04 million. MaxLinear had a negative net margin of 3.43% and a positive return on equity of 8.02%. The business’s revenue was down 5.9% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.19 earnings per share. As a group, analysts expect that MaxLinear will post 0.37 EPS for the current fiscal year.

In related news, VP Brendan Walsh sold 15,000 shares of the stock in a transaction that occurred on Monday, September 9th. The shares were sold at an average price of $20.92, for a total transaction of $313,800.00. Following the transaction, the vice president now owns 168,286 shares in the company, valued at $3,520,543.12. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Kishore Seendripu sold 10,500 shares of the stock in a transaction that occurred on Wednesday, September 18th. The shares were sold at an average price of $22.46, for a total transaction of $235,830.00. Following the transaction, the chief executive officer now owns 20,677 shares in the company, valued at approximately $464,405.42. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 45,175 shares of company stock worth $998,488 and have sold 64,735 shares worth $1,357,468. 9.97% of the stock is owned by corporate insiders.

A number of institutional investors have recently modified their holdings of MXL. State of Alaska Department of Revenue increased its position in MaxLinear by 2.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 21,872 shares of the semiconductor company’s stock valued at $512,000 after purchasing an additional 536 shares during the period. Mason Street Advisors LLC raised its stake in shares of MaxLinear by 2.6% during the 3rd quarter. Mason Street Advisors LLC now owns 22,007 shares of the semiconductor company’s stock worth $493,000 after buying an additional 561 shares during the last quarter. Comerica Bank increased its position in MaxLinear by 1.2% during the 3rd quarter. Comerica Bank now owns 60,769 shares of the semiconductor company’s stock worth $1,352,000 after purchasing an additional 737 shares in the last quarter. Oregon Public Employees Retirement Fund grew its holdings in MaxLinear by 4.1% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 25,306 shares of the semiconductor company’s stock valued at $593,000 after buying an additional 1,000 shares during the period. Finally, First Mercantile Trust Co. grew its holdings in MaxLinear by 10.3% in the 3rd quarter. First Mercantile Trust Co. now owns 11,110 shares of the semiconductor company’s stock valued at $249,000 after buying an additional 1,037 shares during the period. Institutional investors own 85.99% of the company’s stock.

About MaxLinear

MaxLinear, Inc provides radio-frequency (RF), high-performance analog, and mixed-signal communications systems-on-chip solutions (SoCs) for the connected home, wired and wireless infrastructure, and industrial and multi-market applications worldwide. The company offers range of semiconductor products, such as RF receivers and RF receiver SoCs, wireless infrastructure backhaul RF receivers and modem SoCs, laser modulator drivers, transimpedance amplifiers, clock and data recovery circuits, interface solutions, power management products, and data encryption and compression products.

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Analyst Recommendations for MaxLinear (NYSE:MXL)

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