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Xilinx (NASDAQ:XLNX) Raised to Buy at Zacks Investment Research

Last updated on Saturday, July 4, 2020 | 2020 MarketBeat

Xilinx (NASDAQ:XLNX) was upgraded by Zacks Investment Research from a "hold" rating to a "buy" rating in a research note issued on Saturday, Zacks.com reports. The brokerage presently has a $98.00 target price on the programmable devices maker's stock. Zacks Investment Research's price objective suggests a potential upside of 2.84% from the stock's previous close.

According to Zacks, "Xilinx continues to benefit from significant contributions from storage and networking customers. Moreover, growing demand for the company’s 16-nanometer UltraScale+ family and Zynq platform are likely to remain major growth drivers. Furthermore, datacenter revenues are likely to continue growing due to expansion of the business at multiple hyperscalers. Additionally, the acquisition of Solarflare would bring in incremental revenues in the subsequent quarters. However, slowdown in 5G rollout across multiple regions was a downside. The impact of the Huawei ban along with the adverse impact of the coronavirus pandemic on the business hurt the top line. Xilinx refrained from providing any guidance for fiscal 2021 as it is still assessing the expected impacts of COVID-19-related disruptions in some portions of its core markets."

Other equities research analysts have also recently issued research reports about the stock. Morgan Stanley increased their price target on shares of Xilinx from $90.00 to $108.00 and gave the company an "overweight" rating in a report on Tuesday, June 16th. SunTrust Banks boosted their price target on Xilinx from $82.00 to $93.00 and gave the stock a "hold" rating in a research note on Thursday, April 23rd. Rosenblatt Securities upped their price target on Xilinx from $105.00 to $120.00 and gave the company a "buy" rating in a report on Monday, June 29th. Susquehanna Bancshares upped their target price on shares of Xilinx from $105.00 to $115.00 in a research note on Tuesday. Finally, Cfra downgraded shares of Xilinx to a "sell" rating and set a $90.00 price target on the stock. in a report on Thursday. Four analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company's stock. The company currently has a consensus rating of "Hold" and an average price target of $99.14.

Shares of XLNX stock traded up $2.02 during trading hours on Friday, hitting $95.29. 3,165,242 shares of the company's stock traded hands, compared to its average volume of 3,106,880. The company has a quick ratio of 2.40, a current ratio of 2.68 and a debt-to-equity ratio of 0.32. The stock's fifty day simple moving average is $91.51 and its two-hundred day simple moving average is $89.01. Xilinx has a 12-month low of $67.68 and a 12-month high of $133.00. The stock has a market cap of $23.17 billion, a price-to-earnings ratio of 30.54, a PEG ratio of 3.81 and a beta of 0.96.

Xilinx (NASDAQ:XLNX) last posted its quarterly earnings data on Wednesday, April 22nd. The programmable devices maker reported $0.78 earnings per share for the quarter, beating the Zacks' consensus estimate of $0.69 by $0.09. Xilinx had a return on equity of 33.25% and a net margin of 25.07%. The company had revenue of $756.00 million during the quarter, compared to analyst estimates of $751.53 million. During the same quarter last year, the company earned $0.95 EPS. The firm's revenue for the quarter was down 8.7% on a year-over-year basis. On average, equities analysts forecast that Xilinx will post 2.78 earnings per share for the current fiscal year.

In other Xilinx news, Director Marshall C. Turner sold 7,060 shares of the firm's stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $95.37, for a total transaction of $673,312.20. Following the sale, the director now owns 41,502 shares in the company, valued at approximately $3,958,045.74. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, VP Catia Hagopian sold 1,200 shares of the firm's stock in a transaction that occurred on Wednesday, May 27th. The stock was sold at an average price of $90.41, for a total transaction of $108,492.00. Following the sale, the vice president now owns 15,770 shares in the company, valued at approximately $1,425,765.70. The disclosure for this sale can be found here. In the last three months, insiders have sold 10,496 shares of company stock valued at $970,903. Insiders own 0.19% of the company's stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Sunbelt Securities Inc. bought a new position in shares of Xilinx in the fourth quarter worth about $3,055,000. Cornerstone Advisors Inc. lifted its holdings in Xilinx by 102.3% in the 1st quarter. Cornerstone Advisors Inc. now owns 358 shares of the programmable devices maker's stock worth $28,000 after purchasing an additional 181 shares in the last quarter. Orion Portfolio Solutions LLC bought a new position in Xilinx in the 4th quarter worth approximately $44,000. Keebeck Wealth Management LLC purchased a new stake in Xilinx during the 4th quarter valued at approximately $44,000. Finally, WASHINGTON TRUST Co purchased a new stake in Xilinx during the 1st quarter valued at approximately $37,000. 82.60% of the stock is owned by hedge funds and other institutional investors.

About Xilinx

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; adaptive compute acceleration platform; software design tools to program the PLDs; software development environments and embedded platforms; targeted reference designs; printed circuit boards; and intellectual property (IP) core licenses covering Ethernet, memory controllers, Interlaken, and peripheral component interconnect express interfaces, as well as domain-specific IP in the areas of embedded, digital signal processing and connectivity, and market-specific IP cores.

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