Mellanox Technologies Ltd. (MLNX) Given a $65.00 Price Target at Summit Redstone
Several other equities research analysts have also recently issued reports on MLNX. Roth Capital set a $60.00 target price on Mellanox Technologies and gave the stock a buy rating in a research note on Sunday, October 30th. TheStreet raised Mellanox Technologies from a hold rating to a buy rating in a research note on Friday, November 18th. Zacks Investment Research cut Mellanox Technologies from a hold rating to a sell rating in a research note on Wednesday, October 26th. Finally, Jefferies Group cut Mellanox Technologies from a hold rating to an underperform rating and cut their target price for the stock from $42.00 to $37.00 in a research note on Monday, November 21st. Two investment analysts have rated the stock with a sell rating, two have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of Buy and an average target price of $61.65.
Shares of Mellanox Technologies (NASDAQ:MLNX) traded down 0.895% during midday trading on Monday, hitting $41.525. The company’s stock had a trading volume of 502,797 shares. Mellanox Technologies has a 12-month low of $37.54 and a 12-month high of $55.80. The firm has a market cap of $2.02 billion, a price-to-earnings ratio of 39.064 and a beta of 0.62. The firm has a 50-day moving average of $43.22 and a 200 day moving average of $44.59.
Mellanox Technologies (NASDAQ:MLNX) last posted its earnings results on Thursday, October 27th. The company reported $0.93 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.60 by $0.33. The company earned $224.20 million during the quarter, compared to analysts’ expectations of $25.16 million. Mellanox Technologies had a return on equity of 10.89% and a net margin of 6.49%. The firm’s quarterly revenue was up 30.8% compared to the same quarter last year. During the same quarter last year, the firm earned $0.75 earnings per share. On average, equities research analysts predict that Mellanox Technologies will post $3.47 EPS for the current fiscal year.
In other Mellanox Technologies news, Director Amal M. Johnson sold 3,571 shares of the business’s stock in a transaction on Tuesday, September 27th. The stock was sold at an average price of $41.97, for a total value of $149,874.87. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Yakov (Jacob) Shulman sold 2,782 shares of the business’s stock in a transaction on Tuesday, November 1st. The shares were 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.
A number of hedge funds and other institutional investors have recently modified their holdings of MLNX. Swiss National Bank increased its position in shares of Mellanox Technologies by 1.6% in the second quarter. Swiss National Bank now owns 69,521 shares of the company’s stock valued at $3,334,000 after buying an additional 1,100 shares during the period. Harel Insurance Investments & Financial Services Ltd. increased its position in shares of Mellanox Technologies by 72.4% in the second quarter. Harel Insurance Investments & Financial Services Ltd. now owns 59,396 shares of the company’s stock valued at $2,848,000 after buying an additional 24,938 shares during the period. Migdal Insurance & Financial Holdings Ltd. acquired a new position in shares of Mellanox Technologies during the second quarter valued at $44,176,000. Cornerstone Financial Partners LLC acquired a new position in shares of Mellanox Technologies during the second quarter valued at $575,000. Finally, State of New Jersey Common Pension Fund D acquired a new position in shares of Mellanox Technologies during the second quarter valued at $2,878,000. Institutional investors own 63.66% of the company’s stock.
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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