Mellanox Technologies Ltd. (MLNX) Trading Up 3.3%
Mellanox Technologies Ltd. (NASDAQ:MLNX) shares were up 3.3% on Wednesday . The stock traded as high as $48.10 and last traded at $47.96, with a volume of 325,413 shares traded. The stock had previously closed at $46.41.
Several brokerages have 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 objective on the stock. in a research report on Wednesday, March 23rd. Zacks Investment Research downgraded shares of Mellanox Technologies from a “strong-buy” rating to a “hold” rating in a research report on Saturday, April 2nd. Summit Research restated a “buy” rating and set a $65.00 price objective on shares of Mellanox Technologies in a research report on Wednesday, June 22nd. Macquarie raised their price objective on shares of Mellanox Technologies from $60.00 to $70.00 and gave the company an “outperform” rating in a research report on Thursday, March 24th. Finally, Jefferies Group restated a “hold” rating and set a $50.00 price objective on shares of Mellanox Technologies in a research report on Saturday, June 25th. Five equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $62.46.
The company has a 50 day moving average of $47.25 and a 200-day moving average of $46.70. The firm has a market cap of $2.28 billion and a price-to-earnings ratio of 30.44.
Mellanox Technologies (NASDAQ:MLNX) last announced its earnings results on Wednesday, April 20th. The company reported $0.81 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.76 by $0.05. The firm had revenue of $196.80 million for the quarter, compared to the consensus estimate of $190.83 million. During the same period in the prior year, the business earned $0.60 EPS. The company’s quarterly revenue was up 34.2% compared to the same quarter last year. Equities research analysts anticipate that Mellanox Technologies Ltd. will post $3.53 earnings per share for the current fiscal year.
In related news, CEO Eyal Waldman sold 17,140 shares of the stock in a transaction on Friday, April 29th. The stock was sold at an average price of $43.55, for a total value of $746,447.00. Following the completion of the transaction, the chief executive officer now owns 359,051 shares in the company, valued at approximately $15,636,671.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Glenda Dorchak sold 1,500 shares of the stock in a transaction on Tuesday, May 17th. The shares were sold at an average price of $42.82, for a total value of $64,230.00. Following the completion of the transaction, the director now owns 15,500 shares of the company’s stock, valued at approximately $663,710. The disclosure for this sale can be found here.
Several institutional investors recently added to or reduced their stakes in the stock. Engineers Gate Manager LP bought a new position in Mellanox Technologies during the fourth quarter worth $1,124,000. Nationwide Fund Advisors bought a new position in Mellanox Technologies during the fourth quarter worth $1,323,000. Trexquant Investment LP raised its position in 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. Numeric Investors LLC raised its position in Mellanox Technologies by 14.2% in the fourth quarter. Numeric Investors LLC now owns 77,100 shares of the company’s stock worth $3,249,000 after buying an additional 9,600 shares during the period. Finally, Oxford Asset Management raised its position in Mellanox Technologies by 939.0% in the fourth quarter. Oxford Asset Management now owns 111,218 shares of the company’s stock worth $4,712,000 after buying an additional 100,514 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.