Zacks Investment Research Upgrades Exar Corp. (EXAR) to Buy
Exar Corp. (NYSE:EXAR) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $10.00 price target on the stock. Zacks Investment Research’s target price would indicate a potential upside of 10.74% from the stock’s previous close.
According to Zacks, “Exar Corporation designs, develops and markets analog and mixed-signal integrated circuits for use in communications and video and imaging products. The company’s target markets are ones in which the company believes its design and process expertise, combined with its knowledge of particular system application requirements, enables the company to deliver products that provide effective solutions to customer needs. The company also produces digital integrated circuits used in communications products, as well as general purpose analog integrated circuits. “
EXAR has been the subject of several other research reports. B. Riley reaffirmed a “buy” rating and issued a $10.50 price objective on shares of Exar Corp. in a research note on Tuesday, July 5th. Stifel Nicolaus upped their price objective on Exar Corp. from $10.00 to $11.00 and gave the company a “buy” rating in a research note on Thursday, June 16th. One research analyst has rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $20.83.
Shares of Exar Corp. (NYSE:EXAR) traded down 4.14% during mid-day trading on Tuesday, reaching $9.03. 209,972 shares of the company’s stock traded hands. Exar Corp. has a 12 month low of $4.82 and a 12 month high of $9.85. The company’s market cap is $447.65 million. The company has a 50 day moving average of $9.16 and a 200 day moving average of $7.73.
Exar Corp. (NYSE:EXAR) last issued its earnings results on Wednesday, August 3rd. The company reported $0.08 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.07 by $0.01. Exar Corp. had a positive return on equity of 5.31% and a negative net margin of 3.36%. The firm earned $27.10 million during the quarter, compared to the consensus estimate of $26.60 million. During the same quarter in the previous year, the firm earned $0.10 earnings per share. The business’s quarterly revenue was down 3.8% on a year-over-year basis. Analysts expect that Exar Corp. will post $0.34 earnings per share for the current fiscal year.
In related news, VP James Lougheed bought 3,400 shares of Exar Corp. stock in a transaction that occurred on Monday, August 8th. The shares were acquired at an average cost of $8.81 per share, for a total transaction of $29,954.00. Following the completion of the acquisition, the vice president now directly owns 29,471 shares of the company’s stock, valued at approximately $259,639.51. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 2.53% of the stock is owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in EXAR. A.R.T. Advisors LLC bought a new stake in shares of Exar Corp. during the second quarter valued at approximately $105,000. BNP Paribas Arbitrage SA boosted its position in Exar Corp. by 87.6% in the second quarter. BNP Paribas Arbitrage SA now owns 14,773 shares of the company’s stock worth $119,000 after buying an additional 6,899 shares during the last quarter. Royal Bank of Canada boosted its position in Exar Corp. by 171.2% in the first quarter. Royal Bank of Canada now owns 22,436 shares of the company’s stock worth $129,000 after buying an additional 14,164 shares during the last quarter. Metropolitan Life Insurance Co. NY boosted its position in Exar Corp. by 7.8% in the first quarter. Metropolitan Life Insurance Co. NY now owns 31,363 shares of the company’s stock worth $180,000 after buying an additional 2,273 shares during the last quarter. Finally, Thrivent Financial for Lutherans boosted its position in Exar Corp. by 3.0% in the second quarter. Thrivent Financial for Lutherans now owns 23,170 shares of the company’s stock worth $187,000 after buying an additional 670 shares during the last quarter. Institutional investors and hedge funds own 77.95% of the company’s stock.
About Exar Corp.
Exar Corporation (Exar) designs, develops and markets analog mixed-signal integrated circuits (ICs) and sub-system solutions. The Company’s products are deployed in a range of applications, such as industrial, instrumentation and medical equipment, networking and telecommunication systems, servers, enterprise storage systems, flat panel displays, light emitting diode (LED) lighting solutions, set top boxes and digital video recorders.
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