Mellanox Technologies Ltd. (MLNX) Sees Large Volume Increase
Mellanox Technologies Ltd. (NASDAQ:MLNX) saw unusually-high trading volume on Friday . Approximately 436,759 shares traded hands during mid-day trading, an increase of 2% from the previous session’s volume of 427,650 shares.The stock last traded at $50.37 and had previously closed at $50.88.
Several research firms recently commented on MLNX. Vetr downgraded shares of Mellanox Technologies from a “strong-buy” rating to a “buy” rating and set a $60.24 price target on the stock. in a research note on Wednesday, March 23rd. Macquarie raised their price target on shares of Mellanox Technologies from $60.00 to $70.00 and gave the stock an “outperform” rating in a research note on Thursday, March 24th. Zacks Investment Research downgraded shares of Mellanox Technologies from a “strong-buy” rating to a “hold” rating in a research note on Saturday, April 2nd. DA Davidson reaffirmed a “buy” rating and issued a $73.00 price target (up previously from $60.00) on shares of Mellanox Technologies in a research note on Thursday, April 7th. Finally, FBN Securities reduced their price target on shares of Mellanox Technologies from $52.00 to $50.00 and set a “sector perform” rating on the stock in a research note on Thursday, April 21st. Five analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $62.46.
The company has a market capitalization of $2.41 billion and a P/E ratio of 32.22. The company has a 50 day moving average price of $48.47 and a 200-day moving average price of $47.02.
Mellanox Technologies (NASDAQ:MLNX) last issued its quarterly earnings data on Wednesday, April 20th. The company reported $0.81 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.76 by $0.05. The company earned $196.80 million during the quarter, compared to analysts’ expectations of $190.83 million. The firm’s quarterly revenue was up 34.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.60 earnings per share. On average, equities analysts anticipate that Mellanox Technologies Ltd. will post $3.53 earnings per share for the current fiscal year.
In related news, Chairman Irwin Federman sold 25,000 shares of the business’s stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $45.54, for a total value of $1,138,500.00. Following the sale, the chairman now directly owns 31,133 shares in the company, valued at approximately $1,417,796.82. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Thomas Riordan sold 1,000 shares of the business’s stock in a transaction dated Friday, June 3rd. The shares were sold at an average price of $47.89, for a total transaction of $47,890.00. Following the completion of the sale, the director now owns 57,544 shares in the company, valued at $2,755,782.16. The disclosure for this sale can be found here.
A number of hedge funds recently modified their holdings of the stock. Engineers Gate Manager LP bought a new stake in shares of Mellanox Technologies during the fourth quarter valued at about $1,124,000. Nationwide Fund Advisors acquired a new stake in shares of Mellanox Technologies during the fourth quarter worth about $1,323,000. Trexquant Investment LP raised its stake in shares of Mellanox Technologies by 17.4% in the fourth quarter. Trexquant Investment LP now owns 57,290 shares of the company’s stock worth $2,414,000 after buying an additional 8,490 shares during the period. California Public Employees Retirement System raised its stake in shares of Mellanox Technologies by 3.3% in the fourth quarter. California Public Employees Retirement System now owns 125,900 shares of the company’s stock worth $5,305,000 after buying an additional 4,000 shares during the period. Finally, Globeflex Capital L P acquired a new stake in shares of Mellanox Technologies during the fourth quarter worth about $6,511,000.
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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