Xilinx, Inc. (XLNX) Cut to “Hold” at Zacks Investment Research

Zacks Investment Research lowered shares of Xilinx, Inc. (NASDAQ:XLNX) from a buy rating to a hold rating in a research report report published on Monday.

According to Zacks, “Xilinx designs and manufactures a broad range of high-performance, high-density programmable logic devices (PLDs). We believe that rising demand for 28-nm, 20-nm and 16-nm nodes is positive for the company. Moreover, favorable product mix (higher Industrial, lower wireless) will help in gross margin expansion in the forthcoming quarter. We also believe that Xilinx is well positioned to tap the opportunities arising from an increase in adoption of AI technologies, 5G connectivity, autonomous vehicles and IoTs, which will drive growth over the long-run. The company’s product launches should further aid revenues. However, growth from wireless is expected to remain volatile until 2020, which is a concern. Increasing operating expenses related to tape-outs will weigh on profitability in the near term. Moreover, management’s pessimistic view over business conditions in India and China, two of its fastest growing markets, poses headwinds.”

Several other equities analysts have also weighed in on XLNX. MKM Partners increased their price target on shares of Xilinx from $63.00 to $78.00 and gave the company a neutral rating in a research report on Sunday, October 8th. Credit Suisse Group set a $75.00 price target on shares of Xilinx and gave the company a buy rating in a research report on Thursday, July 27th. Barclays PLC set a $65.00 price target on shares of Xilinx and gave the company a hold rating in a research report on Thursday, July 27th. BidaskClub lowered shares of Xilinx from a strong-buy rating to a buy rating in a research report on Wednesday, July 19th. Finally, KeyCorp set a $78.00 price target on shares of Xilinx and gave the company a buy rating in a research report on Wednesday, October 11th. Three analysts have rated the stock with a sell rating, thirteen have issued a hold rating and nine have given a buy rating to the stock. Xilinx presently has an average rating of Hold and an average price target of $69.73.

Shares of Xilinx (NASDAQ:XLNX) traded down $0.24 during mid-day trading on Monday, hitting $72.80. 2,209,420 shares of the stock traded hands, compared to its average volume of 2,115,157. The company has a market cap of $18,189.07, a PE ratio of 30.58 and a beta of 1.10.

Xilinx (NASDAQ:XLNX) last announced its earnings results on Wednesday, October 25th. The programmable devices maker reported $0.65 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.63 by $0.02. The company had revenue of $620.00 million during the quarter, compared to the consensus estimate of $620.99 million. Xilinx had a net margin of 25.93% and a return on equity of 25.17%. The firm’s revenue for the quarter was up 7.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.61 earnings per share. sell-side analysts forecast that Xilinx will post 2.59 EPS for the current year.

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The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, December 6th. Stockholders of record on Wednesday, November 15th will be given a $0.35 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $1.40 dividend on an annualized basis and a dividend yield of 1.92%. Xilinx’s dividend payout ratio (DPR) is currently 59.07%.

In other news, CEO Moshe Gavrielov sold 121,400 shares of the firm’s stock in a transaction that occurred on Monday, October 2nd. The shares were sold at an average price of $70.73, for a total value of $8,586,622.00. Following the completion of the transaction, the chief executive officer now directly owns 164,304 shares in the company, valued at $11,621,221.92. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Insiders sold 182,799 shares of company stock valued at $12,945,262 over the last 90 days. 0.40% of the stock is owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in XLNX. Janus Henderson Group PLC boosted its position in shares of Xilinx by 743.4% in the second quarter. Janus Henderson Group PLC now owns 7,287,938 shares of the programmable devices maker’s stock valued at $468,770,000 after acquiring an additional 6,423,813 shares during the period. Canada Pension Plan Investment Board raised its stake in Xilinx by 779.5% in the second quarter. Canada Pension Plan Investment Board now owns 1,827,386 shares of the programmable devices maker’s stock valued at $117,537,000 after purchasing an additional 1,619,600 shares in the last quarter. American Century Companies Inc. raised its stake in Xilinx by 104.8% in the second quarter. American Century Companies Inc. now owns 3,134,197 shares of the programmable devices maker’s stock valued at $201,592,000 after purchasing an additional 1,603,850 shares in the last quarter. Renaissance Technologies LLC raised its stake in Xilinx by 427.3% in the second quarter. Renaissance Technologies LLC now owns 1,520,605 shares of the programmable devices maker’s stock valued at $97,805,000 after purchasing an additional 1,232,206 shares in the last quarter. Finally, Pictet Asset Management Ltd. raised its stake in Xilinx by 67.6% in the third quarter. Pictet Asset Management Ltd. now owns 2,301,908 shares of the programmable devices maker’s stock valued at $163,044,000 after purchasing an additional 928,405 shares in the last quarter. Institutional investors own 97.28% of the company’s stock.

Xilinx Company Profile

Xilinx, Inc (Xilinx) is engaged in designing and developing programmable devices and associated technologies. The Company’s programmable devices and associated technologies include integrated circuits (ICs) in the form of programmable logic devices (PLDs), including programmable System on Chips (SoCs) and three-dimensional ICs (3D ICs); software design tools to program the PLDs; targeted reference designs; printed circuit boards, and intellectual property (IP), which consists of Xilinx, and various third-party verification and IP cores.

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