Zacks Investment Research upgraded shares of MaxLinear Inc. (NYSE:MXL) from a hold rating to a strong-buy rating in a report published on Wednesday morning. The firm currently has $24.00 price target on the stock.

According to Zacks, “MaxLinear is a provider of radio-frequency analog and mixed signal semiconductor SoC solutions for broadband communication applications offering small silicon die-size, and low power consumption. The Company’s RF receiver products capture and process digital and analog broadband signals to be decoded for various applications. These products include both RF receivers and RF receiver systems-on-chip (SoCs), which incorporate the Company’s integrated radio system architecture and the functionality necessary to demodulate broadband signals. MaxLinear’s current products enable the display of broadband video in a wide range of electronic devices, including cable and terrestrial set top boxes, digital televisions, mobile handsets, personal computers, netbooks, and in-vehicle entertainment devices. MaxLinear is based in Carlsbad, California. “

Several other research firms also recently commented on MXL. Needham & Company LLC reaffirmed a buy rating and set a $21.00 price objective on shares of MaxLinear in a report on Tuesday, August 9th. Deutsche Bank AG dropped their price objective on shares of MaxLinear from $30.00 to $25.00 and set a buy rating on the stock in a report on Tuesday, August 9th. Finally, Stifel Nicolaus dropped their price objective on shares of MaxLinear from $26.00 to $24.00 and set a buy rating on the stock in a report on Tuesday, August 9th. Ten research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of Buy and an average price target of $21.00.

Analyst Recommendations for MaxLinear (NYSE:MXL)

MaxLinear (NYSE:MXL) opened at 20.66 on Wednesday. MaxLinear has a 12-month low of $12.67 and a 12-month high of $22.50. The firm has a market cap of $1.32 billion, a PE ratio of 36.70 and a beta of 0.48. The stock has a 50 day moving average of $19.60 and a 200 day moving average of $19.17.

MaxLinear (NYSE:MXL) last released its quarterly earnings data on Monday, August 8th. The company reported $0.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.44 by $0.06. The business had revenue of $101.70 million for the quarter, compared to the consensus estimate of $101.94 million. MaxLinear had a net margin of 8.72% and a return on equity of 35.97%. The company’s revenue was up 43.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.21 earnings per share. On average, equities research analysts anticipate that MaxLinear will post $1.74 EPS for the current fiscal year.

In related news, VP Brendan Walsh sold 12,500 shares of the firm’s stock in a transaction on Friday, August 19th. The stock was sold at an average price of $18.04, for a total value of $225,500.00. Following the completion of the sale, the vice president now owns 162,210 shares of the company’s stock, valued at $2,926,268.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.48% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in MXL. Lord Abbett & CO. LLC raised its stake in shares of MaxLinear by 253.9% in the second quarter. Lord Abbett & CO. LLC now owns 2,394,055 shares of the company’s stock worth $43,045,000 after buying an additional 1,717,539 shares during the last quarter. Mesirow Financial Investment Management Equity Management acquired a new stake in shares of MaxLinear during the second quarter worth approximately $16,626,000. Numeric Investors LLC raised its stake in shares of MaxLinear by 433.2% in the second quarter. Numeric Investors LLC now owns 739,048 shares of the company’s stock worth $13,288,000 after buying an additional 600,448 shares during the last quarter. Teachers Advisors Inc. raised its stake in shares of MaxLinear by 527.4% in the second quarter. Teachers Advisors Inc. now owns 494,469 shares of the company’s stock worth $8,891,000 after buying an additional 415,652 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of MaxLinear by 15.0% in the second quarter. Vanguard Group Inc. now owns 2,289,026 shares of the company’s stock worth $41,158,000 after buying an additional 299,312 shares during the last quarter. 75.94% of the stock is owned by institutional investors.

About MaxLinear

MaxLinear, Inc is a provider of integrated, radio-frequency (RF) and mixed-signal integrated circuits for broadband communications and data center, metro, and long-haul transport network applications. The Company’s RF receiver products capture and process digital and analog broadband signals to be decoded for various applications.

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