MaxLinear, Inc (NYSE:MXL) Shares Down 7.2% After Analyst Downgrade

MaxLinear, Inc (NYSE:MXL)’s share price dropped 7.2% during mid-day trading on Monday after Needham & lowered their price target on the stock from $34.00 to $32.00. Needham & currently has a buy rating on the stock. MaxLinear traded as low as $26.60 and last traded at $26.72, with a volume of 1,385,509 shares changing hands. The stock had previously closed at $28.78.

Several other equities analysts have also issued reports on MXL. Stifel Nicolaus boosted their target price on shares of MaxLinear from $32.00 to $34.00 and gave the company a “buy” rating in a report on Thursday, April 6th. Zacks Investment Research upgraded shares of MaxLinear from a “hold” rating to a “buy” rating and set a $31.00 target price on the stock in a report on Wednesday, April 12th. Finally, BidaskClub lowered shares of MaxLinear from a “buy” rating to a “hold” rating in a report on Friday, June 30th. Two analysts have rated the stock with a hold rating and six have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $30.33.

In other news, insider Connie H. Kwong sold 1,218 shares of the company’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $31.49, for a total transaction of $38,354.82. Following the transaction, the insider now owns 425 shares in the company, valued at $13,383.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald E. Schrock sold 30,766 shares of the company’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $30.92, for a total transaction of $951,284.72. Following the transaction, the director now owns 35,486 shares in the company, valued at approximately $1,097,227.12. The disclosure for this sale can be found here. Insiders have sold 276,004 shares of company stock worth $8,638,836 in the last quarter. Company insiders own 11.92% of the company’s stock.

Institutional investors have recently made changes to their positions in the stock. Ameritas Investment Partners Inc. bought a new position in shares of MaxLinear during the first quarter valued at $135,000. New York State Teachers Retirement System raised its position in shares of MaxLinear by 4.2% in the fourth quarter. New York State Teachers Retirement System now owns 5,000 shares of the semiconductor company’s stock valued at $109,000 after buying an additional 200 shares in the last quarter. Envestnet Asset Management Inc. raised its position in shares of MaxLinear by 28.1% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,780 shares of the semiconductor company’s stock valued at $125,000 after buying an additional 1,267 shares in the last quarter. KCG Holdings Inc. bought a new position in shares of MaxLinear during the first quarter valued at $212,000. Finally, Karp Capital Management Corp bought a new position in shares of MaxLinear during the first quarter valued at $217,000. Hedge funds and other institutional investors own 84.10% of the company’s stock.

The firm’s 50-day moving average is $30.17 and its 200 day moving average is $26.83. The company has a market cap of $1.75 billion, a PE ratio of 36.96 and a beta of 0.63.

MaxLinear (NYSE:MXL) last posted its earnings results on Tuesday, May 9th. The semiconductor company reported $0.28 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.04. MaxLinear had a net margin of 13.12% and a return on equity of 26.77%. The firm had revenue of $88.84 million during the quarter, compared to analysts’ expectations of $88.02 million. During the same period last year, the company posted $0.47 EPS. The company’s quarterly revenue was down 13.5% compared to the same quarter last year. Equities research analysts forecast that MaxLinear, Inc will post $1.45 EPS for the current fiscal year.

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About MaxLinear

MaxLinear, Inc is a provider of radio frequency (RF) and mixed-signal integrated circuits for cable and satellite broadband communications and the connected home, and wired and wireless infrastructure markets. The Company’s RF receiver products capture and process digital and analog broadband signals to be decoded for various applications.

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