Mellanox Technologies Ltd. (MLNX) Sees Strong Trading Volume
Shares of Mellanox Technologies Ltd. (NASDAQ:MLNX) saw an uptick in trading volume on Friday . 436,759 shares were traded during 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 brokerages have recently commented on MLNX. Vetr cut 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 report on Wednesday, March 23rd. Zacks Investment Research cut shares of Mellanox Technologies from a “strong-buy” rating to a “hold” rating in a report on Saturday, April 2nd. Macquarie reissued a “buy” rating on shares of Mellanox Technologies in a report on Sunday, March 27th. DA Davidson reissued a “buy” rating and issued a $73.00 target price (up previously from $60.00) on shares of Mellanox Technologies in a report on Thursday, April 7th. Finally, FBN Securities cut their target price on shares of Mellanox Technologies from $52.00 to $50.00 and set a “sector perform” rating on the stock in a report on Thursday, April 21st. Five investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $62.46.
The company’s 50-day moving average price is $48.47 and its 200-day moving average price is $47.02. The company has a market cap of $2.41 billion and a price-to-earnings ratio of 32.22.
Mellanox Technologies (NASDAQ:MLNX) last issued its earnings results on Wednesday, April 20th. The company reported $0.81 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.05. The business had revenue of $196.80 million for the quarter, compared to analyst estimates of $190.83 million. During the same quarter last year, the firm posted $0.60 earnings per share. Mellanox Technologies’s revenue was up 34.2% on a year-over-year basis. Equities research analysts expect that Mellanox Technologies Ltd. will post $3.53 EPS for the current fiscal year.
In other news, Director Thomas Riordan sold 1,000 shares of Mellanox Technologies 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 sale, the director now directly owns 57,544 shares in the company, valued at approximately $2,755,782.16. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Amal M. Johnson sold 3,571 shares of Mellanox Technologies stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $45.45, for a total transaction of $162,301.95. Following the sale, the director now owns 33,071 shares in the company, valued at $1,503,076.95. The disclosure for this sale can be found here.
Other hedge funds have modified their holdings of the company. 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 valued at $2,414,000 after buying an additional 8,490 shares during the period. Globeflex Capital L P acquired a new stake in shares of Mellanox Technologies during the fourth quarter valued at $6,511,000. Morgan Stanley raised its stake in shares of Mellanox Technologies by 51.9% in the fourth quarter. Morgan Stanley now owns 391,558 shares of the company’s stock valued at $16,500,000 after buying an additional 133,706 shares during the period. Engineers Gate Manager LP acquired a new stake in shares of Mellanox Technologies during the fourth quarter valued at $1,124,000. Finally, 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 valued at $5,305,000 after buying an additional 4,000 shares during the period.
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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