Mellanox Technologies Ltd. (NASDAQ:MLNX) Receives $62.10 Average Price Target from Analysts
Shares of Mellanox Technologies Ltd. (NASDAQ:MLNX) have earned an average rating of “Buy” from the nineteen analysts that are presently covering the stock. Five investment analysts have rated the stock with a hold recommendation, twelve have given a buy recommendation and one has given a strong buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $62.10.
MLNX has been the subject of a number of research reports. Zacks Investment Research raised shares of Mellanox Technologies from a “hold” rating to a “buy” rating and set a $57.00 price objective for the company in a research note on Thursday, July 21st. TheStreet cut shares of Mellanox Technologies from a “buy” rating to a “hold” rating in a research note on Monday, August 15th. Pacific Crest initiated coverage on shares of Mellanox Technologies in a research note on Thursday, July 28th. They issued a “sector weight” rating for the company. Brean Capital reaffirmed a “buy” rating and issued a $60.00 price objective (up previously from $55.00) on shares of Mellanox Technologies in a research note on Sunday, July 24th. Finally, Summit Research reaffirmed a “buy” rating and issued a $65.00 price objective on shares of Mellanox Technologies in a research note on Wednesday, June 22nd.
In related news, insider Eyal Waldman sold 28,576 shares of the stock in a transaction dated Friday, July 29th. The shares were sold at an average price of $43.92, for a total transaction of $1,255,057.92. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Amal M. Johnson sold 3,571 shares of the stock in a transaction dated Tuesday, July 26th. The shares were sold at an average price of $46.07, for a total transaction of $164,515.97. The disclosure for this sale can be found here. 6.32% of the stock is currently owned by corporate insiders.
A number of hedge funds have recently made changes to their positions in MLNX. HBK Investments L P increased its stake in shares of Mellanox Technologies by 82.3% in the first quarter. HBK Investments L P now owns 155,710 shares of the company’s stock valued at $8,460,000 after buying an additional 70,310 shares during the period. Bogle Investment Management L P DE purchased a new stake in shares of Mellanox Technologies during the first quarter valued at approximately $1,628,000. Friess Associates LLC purchased a new stake in shares of Mellanox Technologies during the first quarter valued at approximately $11,045,000. Wellington Management Group LLP increased its stake in shares of Mellanox Technologies by 113.4% in the first quarter. Wellington Management Group LLP now owns 4,531,006 shares of the company’s stock valued at $246,169,000 after buying an additional 2,407,984 shares during the period. Finally, UBS Group AG increased its stake in shares of Mellanox Technologies by 19.1% in the first quarter. UBS Group AG now owns 72,938 shares of the company’s stock valued at $3,963,000 after buying an additional 11,679 shares during the period. 66.18% of the stock is currently owned by institutional investors.
Mellanox Technologies (NASDAQ:MLNX) opened at 44.08 on Friday. Mellanox Technologies has a one year low of $37.54 and a one year high of $55.80. The stock’s 50 day moving average is $42.40 and its 200-day moving average is $46.34. The firm has a market capitalization of $2.12 billion, a PE ratio of 34.93 and a beta of 0.57.
Mellanox Technologies (NASDAQ:MLNX) last announced its quarterly earnings data on Wednesday, July 20th. The company reported $0.87 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.83 by $0.04. Mellanox Technologies had a net margin of 7.98% and a return on equity of 10.76%. The company earned $214.80 million during the quarter, compared to analysts’ expectations of $212.79 million. During the same quarter in the prior year, the company earned $0.75 EPS. The firm’s revenue was up 31.7% on a year-over-year basis. On average, analysts anticipate that Mellanox Technologies will post $3.56 EPS for the current fiscal year.
Mellanox Technologies Company Profile
Mellanox Technologies, Ltd. is a fabless semiconductor company. The Company designs, manufactures and sells interconnect products and solutions primarily based on the InfiniBand and Ethernet standards. The Company operates in the development, manufacturing, marketing and sales of interconnect products segment.
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