Wells Fargo & Company Begins Coverage on MaxLinear (NASDAQ:MXL)

Investment analysts at Wells Fargo & Company assumed coverage on shares of MaxLinear (NASDAQ:MXL) in a research note issued to investors on Friday,Briefing.com Automated Import reports. The firm set an “equal weight” rating and a $14.00 price target on the semiconductor company’s stock. Wells Fargo & Company‘s target price indicates a potential downside of 11.05% from the company’s previous close.

A number of other research firms also recently issued reports on MXL. Needham & Company LLC reissued a “hold” rating on shares of MaxLinear in a research note on Thursday, October 24th. Craig Hallum cut their price objective on shares of MaxLinear from $28.00 to $25.00 and set a “buy” rating on the stock in a report on Thursday, October 24th. Benchmark restated a “buy” rating and issued a $22.00 price objective on shares of MaxLinear in a report on Thursday, October 24th. Susquehanna cut shares of MaxLinear from a “positive” rating to a “neutral” rating and cut their price objective for the stock from $26.00 to $15.00 in a report on Tuesday, October 1st. Finally, Northland Securities cut their price objective on shares of MaxLinear from $30.00 to $25.00 and set an “outperform” rating on the stock in a report on Thursday, July 25th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $22.29.

MaxLinear Stock Performance

MaxLinear stock opened at $15.74 on Friday. The company has a quick ratio of 1.38, a current ratio of 1.95 and a debt-to-equity ratio of 0.22. The company has a market capitalization of $1.33 billion, a PE ratio of -5.79 and a beta of 1.85. The firm has a fifty day simple moving average of $14.34 and a two-hundred day simple moving average of $16.30. MaxLinear has a twelve month low of $11.08 and a twelve month high of $26.59.

MaxLinear (NASDAQ:MXL) last released its quarterly earnings results on Wednesday, October 23rd. The semiconductor company reported ($0.36) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.32) by ($0.04). MaxLinear had a negative return on equity of 19.22% and a negative net margin of 57.37%. The company had revenue of $81.10 million during the quarter, compared to the consensus estimate of $80.40 million. During the same period in the previous year, the company earned ($0.02) earnings per share. MaxLinear’s quarterly revenue was down 40.2% on a year-over-year basis. Research analysts expect that MaxLinear will post -1.66 EPS for the current year.

Insider Activity

In other news, VP William Torgerson sold 6,100 shares of the stock in a transaction that occurred on Friday, November 8th. The shares were sold at an average price of $15.40, for a total transaction of $93,940.00. Following the sale, the vice president now owns 179,262 shares in the company, valued at $2,760,634.80. This represents a 3.29 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 8.60% of the company’s stock.

Institutional Investors Weigh In On MaxLinear

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Geode Capital Management LLC boosted its holdings in MaxLinear by 0.4% in the third quarter. Geode Capital Management LLC now owns 1,805,722 shares of the semiconductor company’s stock worth $26,152,000 after purchasing an additional 6,420 shares during the last quarter. Barclays PLC boosted its holdings in MaxLinear by 47.6% in the third quarter. Barclays PLC now owns 335,804 shares of the semiconductor company’s stock worth $4,860,000 after purchasing an additional 108,346 shares during the last quarter. Public Employees Retirement System of Ohio boosted its holdings in MaxLinear by 4,298.1% in the third quarter. Public Employees Retirement System of Ohio now owns 20,979 shares of the semiconductor company’s stock worth $304,000 after purchasing an additional 20,502 shares during the last quarter. Orion Portfolio Solutions LLC boosted its holdings in MaxLinear by 35.7% in the third quarter. Orion Portfolio Solutions LLC now owns 32,259 shares of the semiconductor company’s stock worth $467,000 after purchasing an additional 8,495 shares during the last quarter. Finally, Two Sigma Advisers LP boosted its holdings in MaxLinear by 21.8% in the third quarter. Two Sigma Advisers LP now owns 694,149 shares of the semiconductor company’s stock worth $10,051,000 after purchasing an additional 124,300 shares during the last quarter. Hedge funds and other institutional investors own 90.79% of the company’s stock.

About MaxLinear

MaxLinear, Inc provides communications systems-on-chip solutions worldwide. Its products integrate various portions of a high-speed communication system, including radio frequency, high-performance analog, mixed-signal, digital signal processing, security engines, data compression and networking layers, and power management.