Mellanox Technologies, Ltd. (MLNX) Releases Quarterly Earnings Results, Misses Estimates By $0.01 EPS
Mellanox Technologies, Ltd. (NASDAQ:MLNX) issued its quarterly earnings data on Wednesday. The semiconductor producer reported $0.10 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.11 by $0.01, Morningstar.com reports. The company had revenue of $212 million during the quarter, compared to analyst estimates of $209.62 million. Mellanox Technologies had a net margin of 1.58% and a return on equity of 8.12%. The business’s quarterly revenue was down 1.3% compared to the same quarter last year. During the same period last year, the firm earned $0.87 EPS.
Shares of Mellanox Technologies (NASDAQ MLNX) traded up 2.23% during trading on Thursday, hitting $45.75. The company had a trading volume of 1,345,992 shares. The firm has a market capitalization of $2.27 billion, a P/E ratio of 174.62 and a beta of 0.68. Mellanox Technologies has a 52-week low of $38.75 and a 52-week high of $52.79. The stock’s 50-day moving average is $44.34 and its 200 day moving average is $47.21.
MLNX has been the subject of several analyst reports. Zacks Investment Research cut Mellanox Technologies from a “buy” rating to a “hold” rating in a report on Thursday, April 27th. BidaskClub raised Mellanox Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. Roth Capital cut Mellanox Technologies from a “buy” rating to a “neutral” rating and decreased their price objective for the company from $60.00 to $53.00 in a report on Thursday, April 27th. Piper Jaffray Companies cut Mellanox Technologies from an “overweight” rating to a “neutral” rating and set a $48.00 price objective for the company. in a report on Thursday, April 27th. Finally, Credit Suisse Group cut Mellanox Technologies from an “outperform” rating to a “neutral” rating and decreased their price objective for the company from $50.00 to $45.00 in a report on Thursday, April 27th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus price target of $50.00.
In related news, VP Michael Kagan sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, May 9th. The shares were sold at an average price of $47.50, for a total value of $237,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 6.05% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in MLNX. Alliancebernstein L.P. purchased a new stake in shares of Mellanox Technologies during the first quarter worth approximately $52,836,000. Menora Mivtachim Holdings LTD. increased its stake in shares of Mellanox Technologies by 128.3% in the first quarter. Menora Mivtachim Holdings LTD. now owns 1,347,105 shares of the semiconductor producer’s stock worth $68,635,000 after buying an additional 757,000 shares during the last quarter. Snow Capital Management LP purchased a new stake in shares of Mellanox Technologies during the first quarter worth approximately $33,813,000. FMR LLC increased its stake in shares of Mellanox Technologies by 24.7% in the first quarter. FMR LLC now owns 3,298,585 shares of the semiconductor producer’s stock worth $168,064,000 after buying an additional 654,046 shares during the last quarter. Finally, FIL Ltd increased its stake in shares of Mellanox Technologies by 78.5% in the first quarter. FIL Ltd now owns 1,390,315 shares of the semiconductor producer’s stock worth $70,836,000 after buying an additional 611,541 shares during the last quarter. Hedge funds and other institutional investors own 67.70% of the company’s stock.
About Mellanox Technologies
Mellanox Technologies, Ltd. is a fabless semiconductor company. The Company is an integrated supplier of interconnect products and solutions based on the InfiniBand and Ethernet standards. The Company operates in the development, manufacturing, marketing and sales of interconnect products segment. Its products facilitate data transmission between servers, storage systems, communications infrastructure equipment and other embedded systems.
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