Needham Investment Management LLC Cuts Holdings in MaxLinear, Inc $MXL

Key Points

• Needham Investment Management cut its MaxLinear stake by 9.7% in the fourth quarter, selling 15,000 shares and ending with 140,000 shares worth about $2.44 million.
• MaxLinear reported strong quarterly results, with EPS of $0.22 beating estimates and revenue of $137.19 million slightly above expectations, as revenue rose 43% year over year.
• Analysts have turned more positive on the stock, with several buy ratings and price targets ranging up to $125, though the overall consensus remains Hold with an average target of $65.

Needham Investment Management LLC reduced its position in MaxLinear, Inc (NASDAQ:MXL - Free Report) by 9.7% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 140,000 shares of the semiconductor company's stock after selling 15,000 shares during the quarter. Needham Investment Management LLC owned about 0.16% of MaxLinear worth $2,440,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also made changes to their positions in the company. Larson Financial Group LLC raised its position in MaxLinear by 161.7% in the fourth quarter. Larson Financial Group LLC now owns 1,416 shares of the semiconductor company's stock valued at $25,000 after purchasing an additional 875 shares during the period. Smartleaf Asset Management LLC grew its stake in MaxLinear by 103.0% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,431 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 726 shares in the last quarter. Northwestern Mutual Wealth Management Co. acquired a new position in MaxLinear in the fourth quarter worth about $25,000. International Assets Investment Management LLC acquired a new position in MaxLinear in the fourth quarter worth about $27,000. Finally, EverSource Wealth Advisors LLC raised its position in MaxLinear by 97.0% in the third quarter. EverSource Wealth Advisors LLC now owns 2,110 shares of the semiconductor company's stock worth $34,000 after acquiring an additional 1,039 shares in the last quarter. 90.79% of the stock is owned by hedge funds and other institutional investors.

MaxLinear Stock Performance

NASDAQ MXL opened at $88.76 on Tuesday. The company has a quick ratio of 1.12, a current ratio of 1.70 and a debt-to-equity ratio of 0.27. The stock has a market cap of $7.95 billion, a P/E ratio of -58.39 and a beta of 3.98. MaxLinear, Inc has a twelve month low of $11.74 and a twelve month high of $106.28. The company's 50-day simple moving average is $67.15 and its 200 day simple moving average is $35.23.

MaxLinear (NASDAQ:MXL - Get Free Report) last issued its quarterly earnings data on Thursday, April 23rd. The semiconductor company reported $0.22 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.04. The firm had revenue of $137.19 million for the quarter, compared to analysts' expectations of $137.15 million. MaxLinear had a negative net margin of 25.96% and a negative return on equity of 2.33%. The company's quarterly revenue was up 43.0% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.05) earnings per share. As a group, research analysts forecast that MaxLinear, Inc will post 0.52 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have issued reports on MXL shares. Needham & Company LLC raised MaxLinear from a "hold" rating to a "buy" rating and set a $60.00 price target on the stock in a report on Friday, April 24th. Northland Securities set a $110.00 price target on shares of MaxLinear in a report on Wednesday, June 3rd. Loop Capital upgraded shares of MaxLinear from a "hold" rating to a "buy" rating and boosted their price target for the company from $17.00 to $75.00 in a report on Wednesday, April 29th. Benchmark assumed coverage on shares of MaxLinear in a research note on Wednesday, May 27th. They issued a "buy" rating and a $125.00 price objective for the company. Finally, Susquehanna reaffirmed a "neutral" rating and issued a $30.00 price objective on shares of MaxLinear in a research note on Monday, April 20th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $65.00.

Insider Activity at MaxLinear

In related news, insider Connie H. Kwong sold 35,000 shares of the stock in a transaction that occurred on Friday, May 8th. The shares were sold at an average price of $96.96, for a total value of $3,393,600.00. Following the transaction, the insider directly owned 13,947 shares in the company, valued at $1,352,301.12. This represents a 71.51% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas E. Pardun sold 11,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $105.00, for a total transaction of $1,155,000.00. Following the completion of the transaction, the director owned 55,252 shares in the company, valued at $5,801,460. This represents a 16.60% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 65,168 shares of company stock worth $5,559,359 over the last three months. 7.70% of the stock is owned by insiders.

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.

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