Mellanox Technologies, Ltd. (NASDAQ:MLNX) was downgraded by research analysts at Barclays PLC from an “overweight” rating to an “underweight” rating in a research report issued to clients and investors on Monday. They presently have a $48.00 price objective on the semiconductor producer’s stock, down from their prior price objective of $50.00. Barclays PLC’s price target indicates a potential upside of 4.01% from the company’s current price.
A number of other equities research analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Mellanox Technologies from a “hold” rating to a “sell” rating in a research note on Wednesday, September 27th. Jefferies Group LLC restated a “sell” rating and issued a $38.00 price target on shares of Mellanox Technologies in a research note on Sunday, September 10th. KeyCorp reiterated a “hold” rating on shares of Mellanox Technologies in a research report on Friday, September 1st. Benchmark Co. assumed coverage on shares of Mellanox Technologies in a research report on Tuesday, August 29th. They set a “buy” rating and a $60.00 target price on the stock. Finally, TheStreet downgraded shares of Mellanox Technologies from a “b-” rating to a “c” rating in a research report on Friday, August 11th. Four research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $50.88.
Mellanox Technologies (MLNX) opened at 46.15 on Monday. Mellanox Technologies has a 12 month low of $38.75 and a 12 month high of $52.80. The firm has a market capitalization of $2.32 billion, a price-to-earnings ratio of 6592.86 and a beta of 0.69. The stock’s 50 day moving average is $46.50 and its 200-day moving average is $46.62.
Mellanox Technologies (NASDAQ:MLNX) last posted its quarterly earnings results on Wednesday, July 26th. The semiconductor producer reported $0.10 earnings per share for the quarter, missing analysts’ consensus estimates of $0.11 by ($0.01). Mellanox Technologies had a net margin of 0.09% and a return on equity of 5.93%. The company had revenue of $212.00 million during the quarter, compared to analyst estimates of $209.62 million. During the same quarter in the previous year, the business posted $0.87 earnings per share. The company’s revenue for the quarter was down 1.3% on a year-over-year basis. Equities analysts anticipate that Mellanox Technologies will post $2.14 earnings per share for the current fiscal year.
In other news, CFO Yakov (Jacob) Shulman sold 2,407 shares of the business’s stock in a transaction that occurred on Tuesday, August 1st. The shares were sold at an average price of $47.00, for a total value of $113,129.00. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Michael Kagan sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, September 8th. The stock was sold at an average price of $46.56, for a total transaction of $116,400.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 72,453 shares of company stock worth $3,402,241. 6.05% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Dynamic Technology Lab Private Ltd acquired a new position in shares of Mellanox Technologies in the 2nd quarter worth approximately $259,000. Cubist Systematic Strategies LLC lifted its position in shares of Mellanox Technologies by 1,357.1% in the 2nd quarter. Cubist Systematic Strategies LLC now owns 10,200 shares of the semiconductor producer’s stock worth $442,000 after purchasing an additional 9,500 shares during the period. Sciencast Management LP acquired a new position in shares of Mellanox Technologies in the 2nd quarter worth approximately $333,000. State Street Corp lifted its position in shares of Mellanox Technologies by 5.3% in the 2nd quarter. State Street Corp now owns 53,753 shares of the semiconductor producer’s stock worth $2,329,000 after purchasing an additional 2,725 shares during the period. Finally, ETF Managers Group LLC acquired a new position in shares of Mellanox Technologies in the 2nd quarter worth approximately $578,000. Hedge funds and other institutional investors own 61.58% of the company’s stock.
Mellanox Technologies Company Profile
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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