Xilinx, Inc. (NASDAQ:XLNX) Upgraded by Zacks Investment Research to Buy

Xilinx, Inc. (NASDAQ:XLNX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday, August 1st. The brokerage presently has a $71.00 price target on the programmable devices maker’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.75% from the company’s current price.

According to Zacks, “Although Xilinx’s Q1 revenues missed our estimate but year over year improvement was impressive. Going ahead, 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 quarters. 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. However, growth from wireless is expected to remain volatile until 2020, which is a concern. Increasing operating expenses related to tape-outs will weigh on profitability in the near term. Moreover, management’s pessimistic view over business conditions in India and China, two of its fastest growing markets, poses strong headwinds.”

A number of other equities research analysts have also recently commented on XLNX. Vetr raised shares of Xilinx from a “buy” rating to a “strong-buy” rating and set a $64.44 target price for the company in a research report on Monday, April 3rd. Instinet restated a “reduce” rating and set a $45.00 price target on shares of Xilinx in a research note on Tuesday, April 18th. Credit Suisse Group upgraded shares of Xilinx from a “neutral” rating to an “outperform” rating and upped their price target for the company from $65.00 to $70.00 in a research note on Monday, April 24th. Mizuho restated a “hold” rating and set a $64.00 price target on shares of Xilinx in a research note on Thursday, April 27th. Finally, Deutsche Bank AG upped their price target on shares of Xilinx from $57.00 to $59.00 and gave the company a “hold” rating in a research note on Friday, April 28th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and ten have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $64.57.

Shares of Xilinx (NASDAQ XLNX) traded up 1.05% on Tuesday, reaching $62.42. The company’s stock had a trading volume of 2,039,090 shares. Xilinx has a 12 month low of $48.75 and a 12 month high of $68.68. The stock has a 50 day moving average of $64.80 and a 200-day moving average of $61.97. The firm has a market cap of $15.52 billion, a price-to-earnings ratio of 26.68 and a beta of 1.09.

Xilinx (NASDAQ:XLNX) last posted its earnings results on Wednesday, July 26th. The programmable devices maker reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.60 by $0.03. Xilinx had a net margin of 26.22% and a return on equity of 24.70%. The company had revenue of $615.40 million during the quarter, compared to analysts’ expectations of $615.69 million. During the same quarter in the prior year, the company posted $0.61 earnings per share. Xilinx’s revenue for the quarter was up 7.0% compared to the same quarter last year. On average, analysts anticipate that Xilinx will post $2.54 EPS for the current year.

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In related news, CEO Moshe Gavrielov sold 600 shares of Xilinx stock in a transaction that occurred on Monday, May 15th. The shares were sold at an average price of $64.75, for a total value of $38,850.00. Following the completion of the transaction, the chief executive officer now owns 235,766 shares in the company, valued at $15,265,848.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Scott Hover-Smoot sold 12,143 shares of Xilinx stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $62.17, for a total transaction of $754,930.31. Following the completion of the transaction, the senior vice president now owns 41,869 shares of the company’s stock, valued at approximately $2,602,995.73. The disclosure for this sale can be found here. Insiders sold 38,531 shares of company stock valued at $2,461,740 in the last quarter. 0.40% of the stock is owned by insiders.

Several hedge funds have recently modified their holdings of the company. Acrospire Investment Management LLC bought a new stake in shares of Xilinx during the second quarter valued at $103,000. TrimTabs Asset Management LLC increased its stake in shares of Xilinx by 88.9% in the first quarter. TrimTabs Asset Management LLC now owns 1,989 shares of the programmable devices maker’s stock valued at $115,000 after buying an additional 936 shares in the last quarter. Whittier Trust Co. increased its stake in shares of Xilinx by 16.8% in the first quarter. Whittier Trust Co. now owns 2,683 shares of the programmable devices maker’s stock valued at $155,000 after buying an additional 386 shares in the last quarter. O Shaughnessy Asset Management LLC increased its stake in shares of Xilinx by 9,866.7% in the first quarter. O Shaughnessy Asset Management LLC now owns 2,691 shares of the programmable devices maker’s stock valued at $156,000 after buying an additional 2,664 shares in the last quarter. Finally, First Mercantile Trust Co. increased its stake in Xilinx by 12.0% in the first quarter. First Mercantile Trust Co. now owns 3,013 shares of the programmable devices maker’s stock valued at $174,000 after buying an additional 324 shares during the period. Institutional investors and hedge funds own 94.61% 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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