Mellanox Technologies, Ltd. (MLNX) Trading Up 10.7% Following Analyst Upgrade
Shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) were up 10.7% during trading on Wednesday after DA Davidson raised their price target on the stock from $60.00 to $69.00. DA Davidson currently has a buy rating on the stock. Mellanox Technologies traded as high as $58.35 and last traded at $56.50. Approximately 3,201,300 shares changed hands during trading, an increase of 446% from the average daily volume of 585,810 shares. The stock had previously closed at $51.05.
Several other brokerages also recently commented on MLNX. Zacks Investment Research raised shares of Mellanox Technologies from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 1st. Barclays PLC downgraded shares of Mellanox Technologies from an “overweight” rating to an “underweight” rating and reduced their price objective for the stock from $50.00 to $48.00 in a research report on Monday, October 9th. Stifel Nicolaus reduced their price objective on shares of Mellanox Technologies from $56.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, October 26th. KeyCorp reaffirmed a “hold” rating on shares of Mellanox Technologies in a research report on Tuesday, October 17th. Finally, Credit Suisse Group set a $45.00 price objective on shares of Mellanox Technologies and gave the stock a “hold” rating in a research report on Thursday, July 27th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the company’s stock. Mellanox Technologies has an average rating of “Hold” and an average target price of $52.80.
In other Mellanox Technologies news, VP Michael Kagan sold 5,000 shares of Mellanox Technologies stock in a transaction on Monday, August 28th. The shares were sold at an average price of $45.01, for a total transaction of $225,050.00. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Yakov (Jacob) Shulman sold 2,706 shares of Mellanox Technologies stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.32, for a total transaction of $125,341.92. The disclosure for this sale can be found here. In the last three months, insiders sold 217,478 shares of company stock valued at $10,666,642. 6.05% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MLNX. Capital Research Global Investors boosted its holdings in Mellanox Technologies by 29.8% during the 2nd quarter. Capital Research Global Investors now owns 2,139,726 shares of the semiconductor producer’s stock worth $92,650,000 after acquiring an additional 490,726 shares during the last quarter. Menora Mivtachim Holdings LTD. boosted its holdings in Mellanox Technologies by 36.2% during the 3rd quarter. Menora Mivtachim Holdings LTD. now owns 1,834,105 shares of the semiconductor producer’s stock worth $86,478,000 after acquiring an additional 487,000 shares during the last quarter. Clal Insurance Enterprises Holdings Ltd boosted its holdings in Mellanox Technologies by 43.8% during the 2nd quarter. Clal Insurance Enterprises Holdings Ltd now owns 1,029,646 shares of the semiconductor producer’s stock worth $44,584,000 after acquiring an additional 313,573 shares during the last quarter. Janus Henderson Group PLC purchased a new position in Mellanox Technologies during the 2nd quarter worth $12,617,000. Finally, Senvest Management LLC boosted its holdings in Mellanox Technologies by 27.5% during the 3rd quarter. Senvest Management LLC now owns 1,087,095 shares of the semiconductor producer’s stock worth $51,257,000 after acquiring an additional 234,424 shares during the last quarter. 59.72% of the stock is currently owned by hedge funds and other institutional investors.
The company has a debt-to-equity ratio of 0.17, a current ratio of 3.12 and a quick ratio of 2.78. The firm has a market capitalization of $2,599.92, a price-to-earnings ratio of 54.31, a PEG ratio of 3.53 and a beta of 0.54.
Mellanox Technologies (NASDAQ:MLNX) last posted its quarterly earnings data on Wednesday, October 25th. The semiconductor producer reported $0.71 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.64 by $0.07. The firm had revenue of $225.70 million for the quarter, compared to the consensus estimate of $226.74 million. Mellanox Technologies had a negative net margin of 0.92% and a positive return on equity of 4.76%. The business’s revenue for the quarter was up .7% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.93 EPS. equities research analysts expect that Mellanox Technologies, Ltd. will post 0.83 EPS for the current fiscal year.
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Mellanox Technologies Company Profile
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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