Mellanox Technologies, Ltd. (MLNX) Upgraded to Hold by Zacks Investment Research
Zacks Investment Research upgraded shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) from a strong sell rating to a hold rating in a research report report published on Wednesday morning.
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. “
A number of other equities analysts have also commented on the stock. Barclays PLC lowered shares of Mellanox Technologies from an overweight rating to an underweight rating and dropped their price target for the company from $50.00 to $48.00 in a research report on Monday, October 9th. Jefferies Group LLC reissued a sell rating and issued a $38.00 price target on shares of Mellanox Technologies in a research report on Sunday, September 10th. Benchmark Co. initiated coverage on shares of Mellanox Technologies in a research report on Tuesday, August 29th. They issued a buy rating and a $60.00 price target on the stock. BidaskClub lowered shares of Mellanox Technologies from a hold rating to a sell rating in a research report on Tuesday, July 25th. Finally, Piper Jaffray Companies reissued a hold rating and issued a $47.00 price target on shares of Mellanox Technologies in a research report on Friday, July 28th. Three analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus target price of $51.00.
Mellanox Technologies (NASDAQ:MLNX) last released its quarterly earnings results on Wednesday, October 25th. The semiconductor producer reported $0.71 EPS for the quarter, beating the Zacks’ consensus estimate of $0.64 by $0.07. Mellanox Technologies had a negative net margin of 0.92% and a positive return on equity of 4.82%. The company had revenue of $225.70 million for the quarter, compared to analyst estimates of $226.74 million. During the same quarter last year, the firm posted $0.93 earnings per share. The company’s quarterly revenue was up .7% compared to the same quarter last year.
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In other Mellanox Technologies news, Director Shai Cohen sold 50,000 shares of Mellanox Technologies stock in a transaction on Monday, October 30th. The shares were sold at an average price of $47.15, for a total transaction of $2,357,500.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Michael Kagan sold 2,500 shares of Mellanox Technologies stock in a transaction on Friday, September 8th. The stock was sold at an average price of $46.56, for a total transaction of $116,400.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 62,706 shares of company stock worth $2,943,042. 6.05% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of MLNX. Chicago Partners Investment Group LLC acquired a new stake in Mellanox Technologies during the second quarter worth $106,000. SG Americas Securities LLC acquired a new stake in Mellanox Technologies during the second quarter worth $122,000. Oppenheimer Asset Management Inc. acquired a new stake in Mellanox Technologies during the first quarter worth $186,000. Legal & General Group Plc boosted its stake in Mellanox Technologies by 4.6% during the second quarter. Legal & General Group Plc now owns 4,488 shares of the semiconductor producer’s stock worth $194,000 after buying an additional 199 shares in the last quarter. Finally, Juncture Wealth Strategies LLC acquired a new stake in Mellanox Technologies during the third quarter worth $222,000. Hedge funds and other institutional investors own 60.92% of the company’s stock.
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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