Algert Global LLC Reduces Stock Position in MaxLinear, Inc $MXL

Key Points

• Algert Global LLC cut its MaxLinear stake by 63.7% in the second quarter, selling 350,722 shares and retaining 199,674 shares valued at approximately $25.6 million. Institutional investors collectively own 90.79% of the company.
• MaxLinear’s CEO Kishore Seendripu sold 351,454 shares at an average price of $85.95, generating proceeds of about $30.2 million; insiders own 7.70% of the stock.
• Analysts remain mixed, with a consensus “Hold” rating and an $85 price target. MaxLinear recently exceeded quarterly earnings and revenue expectations, reporting adjusted EPS of $0.35 and revenue of $168.85 million, up 55.2% year over year.

Algert Global LLC cut its stake in MaxLinear, Inc (NASDAQ:MXL - Free Report) by 63.7% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 199,674 shares of the semiconductor company's stock after selling 350,722 shares during the quarter. Algert Global LLC owned 0.22% of MaxLinear worth $25,564,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada grew its stake in shares of MaxLinear by 3.1% during the 1st quarter. Royal Bank of Canada now owns 72,664 shares of the semiconductor company's stock valued at $789,000 after purchasing an additional 2,204 shares during the period. AQR Capital Management LLC grew its position in MaxLinear by 56.0% during the first quarter. AQR Capital Management LLC now owns 296,297 shares of the semiconductor company's stock valued at $3,218,000 after buying an additional 106,355 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its position in MaxLinear by 4.5% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 47,437 shares of the semiconductor company's stock valued at $515,000 after buying an additional 2,043 shares during the period. Goldman Sachs Group Inc. increased its holdings in MaxLinear by 0.4% during the first quarter. Goldman Sachs Group Inc. now owns 535,230 shares of the semiconductor company's stock valued at $5,813,000 after buying an additional 2,039 shares during the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in MaxLinear by 23.9% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 182,362 shares of the semiconductor company's stock valued at $1,980,000 after buying an additional 35,152 shares during the last quarter. Institutional investors own 90.79% of the company's stock.

Insider Buying and Selling at MaxLinear

In related news, CEO Kishore Seendripu sold 351,454 shares of the firm's stock in a transaction on Monday, August 17th. The shares were sold at an average price of $85.95, for a total transaction of $30,207,471.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 7.70% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Susquehanna lifted their price target 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. Northland Securities set a $110.00 price objective on MaxLinear in a research note on Wednesday, June 3rd. Wells Fargo & Company raised their target price on MaxLinear from $42.00 to $75.00 and gave the stock an "equal weight" rating in a report on Monday, July 20th. Stifel Nicolaus lifted their target price on MaxLinear from $110.00 to $120.00 and gave the company a "buy" rating in a research report on Friday, July 24th. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of MaxLinear in a report on Friday, July 17th. Five investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, MaxLinear presently has a consensus rating of "Hold" and a consensus target price of $85.00.

MaxLinear Price Performance

Shares of MaxLinear stock opened at $62.78 on Tuesday. The company has a market capitalization of $5.69 billion, a price-to-earnings ratio of -52.76 and a beta of 3.96. The company has a quick ratio of 1.15, a current ratio of 1.78 and a debt-to-equity ratio of 0.26. The stock's 50-day simple moving average is $81.65 and its 200-day simple moving average is $57.61. MaxLinear, Inc has a 52 week low of $12.77 and a 52 week high of $128.30.

MaxLinear (NASDAQ:MXL - Get Free Report) last released its earnings results on Thursday, July 23rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.33 by $0.02. MaxLinear had a positive return on equity of 2.24% and a negative net margin of 18.24%.The firm had revenue of $168.85 million during the quarter, compared to analysts' expectations of $164.64 million. During the same quarter last year, the business posted $0.02 earnings per share. The firm's revenue was up 55.2% on a year-over-year basis. As a group, analysts expect that MaxLinear, Inc will post 0.78 earnings per share for the current fiscal year.

About MaxLinear

MaxLinear, Inc is a provider of radio-frequency (RF), analog, and mixed-signal integrated circuits for broadband communications, data center connectivity, and video infrastructure applications. The company's product portfolio includes high-performance RF front-end modules, broadband power amplifiers, optical and Ethernet transceivers, and network processors designed to support demanding signal processing requirements.

MaxLinear's semiconductor solutions are used by cable and satellite television operators, fiber-to-the-home service providers, network equipment manufacturers, and data center operators.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.