MaxLinear, Inc (NASDAQ:MXL – Get Free Report)’s share price shot up 8.3% on Monday . The stock traded as high as $97.53 and last traded at $96.0850. Approximately 667,406 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,991,675 shares. The stock had previously closed at $88.76.
Analyst Upgrades and Downgrades
MXL has been the topic of a number of research reports. Benchmark started coverage on MaxLinear in a research note on Wednesday, May 27th. They set a “buy” rating and a $125.00 price target on the stock. Loop Capital raised MaxLinear from a “hold” rating to a “buy” rating and lifted their price objective for the company from $17.00 to $75.00 in a research note on Wednesday, April 29th. Stifel Nicolaus reiterated a “buy” rating and issued a $105.00 price objective (up from $49.00) on shares of MaxLinear in a report on Wednesday, June 3rd. Susquehanna reissued a “neutral” rating and set a $30.00 target price on shares of MaxLinear in a research note on Monday, April 20th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $40.00 target price on shares of MaxLinear in a report on Friday, April 24th. Five equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.00.
Check Out Our Latest Research Report on MaxLinear
MaxLinear Price Performance
MaxLinear (NASDAQ:MXL – Get Free Report) last posted its quarterly earnings data on Thursday, April 23rd. The semiconductor company reported $0.22 earnings per share for the quarter, topping analysts’ consensus estimates of $0.18 by $0.04. The business had revenue of $137.19 million for the quarter, compared to analyst estimates of $137.15 million. MaxLinear had a negative return on equity of 2.33% and a negative net margin of 25.96%.The company’s revenue was up 43.0% on a year-over-year basis. During the same quarter in the prior year, the company earned ($0.05) earnings per share. On average, sell-side analysts predict that MaxLinear, Inc will post 0.52 earnings per share for the current fiscal year.
Insider Transactions at MaxLinear
In related news, Director Thomas E. Pardun sold 11,000 shares of the company’s 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 sale, the director directly owned 55,252 shares in the company, valued at approximately $5,801,460. This represents a 16.60% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Connie H. Kwong sold 35,000 shares of the company’s stock in a transaction that occurred on Friday, May 8th. The stock was sold at an average price of $96.96, for a total transaction of $3,393,600.00. Following the sale, the insider owned 13,947 shares in the company, valued at $1,352,301.12. The trade was a 71.51% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 65,168 shares of company stock worth $5,559,358 in the last ninety days. 7.70% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Larson Financial Group LLC raised its holdings in shares of MaxLinear by 161.7% in the 4th 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 in the last quarter. Smartleaf Asset Management LLC grew its stake in shares of MaxLinear by 103.0% during 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. purchased a new position in MaxLinear in the fourth quarter valued at $25,000. International Assets Investment Management LLC purchased a new position in MaxLinear in the fourth quarter valued at $27,000. Finally, EverSource Wealth Advisors LLC raised its stake in MaxLinear by 16.1% in the first quarter. EverSource Wealth Advisors LLC now owns 1,563 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 217 shares in the last quarter. Institutional investors and hedge funds own 90.79% of the company’s stock.
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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