Mellanox Technologies Ltd. (MLNX) Rating Increased to Buy at TheStreet
Mellanox Technologies Ltd. (NASDAQ:MLNX) was upgraded by analysts at TheStreet from a “hold” rating to a “buy” rating in a report released on Friday.
Several other equities analysts have also recently issued reports on the company. Zacks Investment Research cut Mellanox Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, October 26th. Credit Suisse Group AG restated a “buy” rating and issued a $60.00 price target on shares of Mellanox Technologies in a research report on Thursday, July 21st. Brean Capital restated a “buy” rating and issued a $60.00 price target (up previously from $55.00) on shares of Mellanox Technologies in a research report on Sunday, July 24th. Piper Jaffray Cos. restated an “overweight” rating and issued a $64.00 price target on shares of Mellanox Technologies in a research report on Sunday, July 24th. Finally, Pacific Crest assumed coverage on Mellanox Technologies in a research report on Thursday, July 28th. They issued a “sector weight” rating on the stock. Two analysts have rated the stock with a sell rating, two have given a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $61.42.
Mellanox Technologies (NASDAQ:MLNX) opened at 42.75 on Friday. The stock has a 50 day moving average price of $43.35 and a 200 day moving average price of $44.54. Mellanox Technologies has a 52-week low of $37.54 and a 52-week high of $55.80. The stock has a market cap of $2.08 billion, a P/E ratio of 40.22 and a beta of 0.62.
Mellanox Technologies (NASDAQ:MLNX) last posted its earnings results on Thursday, October 27th. The company reported $0.93 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.60 by $0.33. Mellanox Technologies had a return on equity of 10.89% and a net margin of 6.49%. The business earned $224.20 million during the quarter, compared to the consensus estimate of $25.16 million. During the same period in the previous year, the business earned $0.75 EPS. The business’s quarterly revenue was up 30.8% on a year-over-year basis. On average, equities research analysts forecast that Mellanox Technologies will post $3.47 EPS for the current year.
In other Mellanox Technologies news, Director Amal M. Johnson sold 3,571 shares of the stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $41.97, for a total transaction of $149,874.87. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO Yakov (Jacob) Shulman sold 2,782 shares of the stock in a transaction on Tuesday, November 1st. The stock was sold at an average price of $43.28, for a total value of $120,404.96. The disclosure for this sale can be found here. 6.32% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Sei Investments Co. raised its position in shares of Mellanox Technologies by 58.5% in the second quarter. Sei Investments Co. now owns 2,349 shares of the company’s stock worth $112,000 after buying an additional 867 shares in the last quarter. Seven Eight Capital LLC acquired a new position in shares of Mellanox Technologies during the first quarter worth $114,000. Westpac Banking Corp acquired a new position in shares of Mellanox Technologies during the third quarter worth $143,000. ClariVest Asset Management LLC acquired a new position in shares of Mellanox Technologies during the second quarter worth $148,000. Finally, BlackRock Fund Advisors raised its position in shares of Mellanox Technologies by 5.2% in the second quarter. BlackRock Fund Advisors now owns 3,859 shares of the company’s stock worth $185,000 after buying an additional 192 shares in the last quarter. 61.84% of the stock is currently owned by institutional investors.
About Mellanox Technologies
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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