Mellanox Technologies, Ltd. (MLNX) Upgraded to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) from a hold rating to a buy rating in a research note released on Thursday. They currently have $51.00 price target on the semiconductor producer’s stock.
According to Zacks, “MELLANOX TECHNOLOGIES is a leading supplier of semiconductor-based, interconnect products to world-class server, storage, and infrastructure OEMs servicing Fortune 500 data centers, the world’s most powerful supercomputers, and mission critical embedded applications. The company’s Virtual Protocol Interconnect enables standard communication protocols to operate over any converged network (InfiniBand, Ethernet, Data Center Ethernet) with the same software solution. Utilizing proven networking, clustering, storage, virtualization and RDMA acceleration engines, VPI optimizes application performance, power consumption, workload agility, and total system efficiency while future-proofing IT infrastructure. “
Other equities analysts have also issued reports about the stock. BidaskClub raised shares of Mellanox Technologies from a sell rating to a hold rating in a report on Wednesday, July 12th. Roth Capital lowered shares of Mellanox Technologies from a buy rating to a neutral rating and cut their price objective for the company from $60.00 to $53.00 in a report on Thursday, April 27th. Credit Suisse Group lowered shares of Mellanox Technologies from an outperform rating to a neutral rating and cut their price objective for the company from $50.00 to $45.00 in a report on Thursday, April 27th. Piper Jaffray Companies lowered shares of Mellanox Technologies from an overweight rating to a neutral rating and set a $48.00 price objective on the stock. in a report on Thursday, April 27th. Finally, Jefferies Group LLC reissued an underperform rating and set a $38.00 price objective on shares of Mellanox Technologies in a report on Tuesday, June 20th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $49.86.
Mellanox Technologies (NASDAQ MLNX) opened at 47.05 on Thursday. Mellanox Technologies has a one year low of $38.75 and a one year high of $52.79. The company’s 50-day moving average price is $44.33 and its 200-day moving average price is $47.23. The stock has a market cap of $2.36 billion, a P/E ratio of 6721.43 and a beta of 0.68.
Mellanox Technologies (NASDAQ:MLNX) last issued its quarterly earnings data on Wednesday, July 26th. The semiconductor producer reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01. The business had revenue of $212 million for the quarter, compared to analysts’ expectations of $209.62 million. Mellanox Technologies had a net margin of 0.09% and a return on equity of 5.98%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period in the previous year, the business earned $0.87 earnings per share. Analysts forecast that Mellanox Technologies will post $2.18 EPS for the current fiscal year.
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In other Mellanox Technologies news, VP Michael Kagan sold 5,000 shares of the firm’s stock in a transaction that occurred on Tuesday, May 9th. The shares were sold at an average price of $47.50, for a total value of $237,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 6.05% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in MLNX. Norges Bank purchased a new stake in shares of Mellanox Technologies during the fourth quarter valued at $13,983,000. Stifel Financial Corp increased its stake in Mellanox Technologies by 1.0% in the first quarter. Stifel Financial Corp now owns 79,712 shares of the semiconductor producer’s stock valued at $4,053,000 after buying an additional 758 shares during the last quarter. Point72 Asset Management L.P. bought a new stake in Mellanox Technologies during the first quarter valued at approximately $22,861,000. Canada Pension Plan Investment Board increased its stake in Mellanox Technologies by 395.1% in the first quarter. Canada Pension Plan Investment Board now owns 26,315 shares of the semiconductor producer’s stock valued at $1,341,000 after buying an additional 21,000 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Mellanox Technologies by 57.7% in the first quarter. JPMorgan Chase & Co. now owns 151,088 shares of the semiconductor producer’s stock valued at $7,697,000 after buying an additional 55,275 shares during the last quarter. Institutional investors own 67.66% of the company’s stock.
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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