Mellanox Technologies, Ltd. (MLNX) Downgraded by Barclays PLC to “Underweight”
Barclays PLC lowered shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) from an overweight rating to an underweight rating in a report issued on Monday morning. Barclays PLC currently has $48.00 target price on the semiconductor producer’s stock, down from their prior target price of $50.00.
A number of other brokerages have also issued reports on MLNX. BidaskClub upgraded Mellanox Technologies from a sell rating to a hold rating in a research note on Tuesday, August 1st. Zacks Investment Research lowered Mellanox Technologies from a strong-buy rating to a hold rating in a research note on Tuesday, August 1st. KeyCorp reiterated a hold rating on shares of Mellanox Technologies in a research note on Friday, September 1st. Jefferies Group LLC reiterated a sell rating and issued a $38.00 price target on shares of Mellanox Technologies in a research note on Sunday, September 10th. Finally, Piper Jaffray Companies reiterated a hold rating and issued a $47.00 price target on shares of Mellanox Technologies in a research note on Friday, July 28th. Four equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have assigned a buy rating to the company’s stock. Mellanox Technologies currently has a consensus rating of Hold and an average target price of $50.88.
Mellanox Technologies (NASDAQ:MLNX) opened at 45.70 on Monday. Mellanox Technologies has a 12-month low of $38.75 and a 12-month high of $52.80. The company has a market capitalization of $2.30 billion, a price-to-earnings ratio of 6528.57 and a beta of 0.69. The stock has a 50 day moving average price of $46.41 and a 200-day moving average price of $46.66.
Mellanox Technologies (NASDAQ:MLNX) last issued its quarterly earnings results on Wednesday, July 26th. The semiconductor producer reported $0.10 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.01). Mellanox Technologies had a return on equity of 5.93% and a net margin of 0.09%. The business had revenue of $212.00 million during the quarter, compared to analysts’ expectations of $209.62 million. During the same quarter in the previous year, the company posted $0.87 EPS. The company’s quarterly revenue was down 1.3% on a year-over-year basis. Equities analysts predict that Mellanox Technologies will post $2.14 EPS for the current fiscal year.
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In other Mellanox Technologies news, Director Shai Cohen sold 50,000 shares of the stock in a transaction dated Tuesday, August 1st. The shares were sold at an average price of $47.16, for a total transaction of $2,358,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Michael Kagan sold 5,000 shares of the stock in a transaction dated Monday, August 28th. The shares were sold at an average price of $45.01, for a total transaction of $225,050.00. The disclosure for this sale can be found here. Insiders have sold a total of 72,453 shares of company stock valued at $3,402,241 in the last three months. Insiders own 6.05% of the company’s stock.
Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Chicago Partners Investment Group LLC bought a new position in shares of Mellanox Technologies during the 2nd quarter valued at about $106,000. SG Americas Securities LLC bought a new position in shares of Mellanox Technologies in the 2nd quarter valued at about $122,000. Oppenheimer Asset Management Inc. bought a new position in shares of Mellanox Technologies in the 1st quarter valued at about $186,000. Legal & General Group Plc lifted its holdings in shares of Mellanox Technologies by 4.6% in the 2nd quarter. Legal & General Group Plc now owns 4,488 shares of the semiconductor producer’s stock valued at $194,000 after acquiring an additional 199 shares during the last quarter. Finally, Harbour Capital Advisors LLC lifted its holdings in shares of Mellanox Technologies by 4,230.2% in the 2nd quarter. Harbour Capital Advisors LLC now owns 9,743 shares of the semiconductor producer’s stock valued at $225,000 after acquiring an additional 9,518 shares during the last quarter. 61.58% of the stock is owned by institutional investors and hedge funds.
About Mellanox Technologies
Mellanox Technologies, Ltd. is a fabless semiconductor company. The Company is an integrated supplier of interconnect products and solutions based on the InfiniBand and Ethernet standards. The Company operates in the development, manufacturing, marketing and sales of interconnect products segment. Its products facilitate data transmission between servers, storage systems, communications infrastructure equipment and other embedded systems.
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