MaxLinear, Inc (NYSE:MXL) Shares Gap Down on Analyst Downgrade

MaxLinear, Inc (NYSE:MXL)’s share price gapped down before the market opened on Thursday after Deutsche Bank AG lowered their price target on the stock from $32.00 to $30.00. The stock had previously closed at $22.71, but opened at $22.65. Deutsche Bank AG currently has a buy rating on the stock. MaxLinear shares last traded at $22.26, with a volume of 529,242 shares traded.

A number of other equities research analysts also recently issued reports on MXL. Roth Capital decreased their price target on shares of MaxLinear from $38.00 to $33.50 and set a “buy” rating on the stock in a research note on Wednesday. Stifel Nicolaus reduced their price target on shares of MaxLinear from $34.00 to $33.00 and set a “buy” rating on the stock in a research note on Wednesday. BidaskClub downgraded shares of MaxLinear from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Needham & Company LLC reduced their price target on shares of MaxLinear from $34.00 to $32.00 and set a “buy” rating on the stock in a research note on Monday, July 17th. Finally, Zacks Investment Research upgraded shares of MaxLinear from a “sell” rating to a “hold” rating and set a $37.00 target price on the stock in a report on Friday, June 9th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and seven have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.36.

In other MaxLinear news, VP Madhukar Reddy sold 52,979 shares of MaxLinear stock in a transaction on Tuesday, May 30th. The shares were sold at an average price of $31.32, for a total transaction of $1,659,302.28. Following the sale, the vice president now owns 226,671 shares of the company’s stock, valued at approximately $7,099,335.72. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Thomas E. Pardun sold 21,149 shares of MaxLinear stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $31.13, for a total transaction of $658,368.37. Following the sale, the director now directly owns 87,401 shares in the company, valued at approximately $2,720,793.13. The disclosure for this sale can be found here. Insiders sold a total of 276,004 shares of company stock worth $8,638,836 in the last three months. 11.92% of the stock is owned by corporate insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in MXL. OxFORD Asset Management LLP boosted its position in shares of MaxLinear by 64.7% in the second quarter. OxFORD Asset Management LLP now owns 111,039 shares of the semiconductor company’s stock valued at $3,097,000 after buying an additional 43,636 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of MaxLinear by 30.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,269,642 shares of the semiconductor company’s stock valued at $35,410,000 after buying an additional 296,899 shares during the period. Teachers Retirement System of The State of Kentucky bought a new stake in shares of MaxLinear during the second quarter valued at about $513,000. EAM Investors LLC bought a new stake in shares of MaxLinear during the second quarter valued at about $2,452,000. Finally, Parametric Portfolio Associates LLC raised its stake in shares of MaxLinear by 397.6% in the second quarter. Parametric Portfolio Associates LLC now owns 115,310 shares of the semiconductor company’s stock valued at $3,216,000 after buying an additional 92,139 shares during the period. 85.44% of the stock is currently owned by hedge funds and other institutional investors.

The company has a market cap of $1.44 billion, a PE ratio of 39.24 and a beta of 0.61. The stock’s 50 day moving average is $26.68 and its 200 day moving average is $27.59.

MaxLinear (NYSE:MXL) last issued its quarterly earnings results on Tuesday, August 8th. The semiconductor company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.23 by $0.04. MaxLinear had a return on equity of 22.29% and a net margin of 9.95%. The firm had revenue of $104.18 million for the quarter, compared to analyst estimates of $107.77 million. During the same period last year, the company earned $0.50 EPS. The firm’s quarterly revenue was up 2.4% on a year-over-year basis. Equities research analysts predict that MaxLinear, Inc will post $1.39 earnings per share for the current year.

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MaxLinear Company Profile

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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