Mellanox Technologies (MLNX) Hits New 52-Week High at $60.85

Mellanox Technologies, Ltd. (NASDAQ:MLNX) shares reached a new 52-week high during mid-day trading on Friday . The company traded as high as $60.85 and last traded at $59.10, with a volume of 757800 shares changing hands. The stock had previously closed at $57.50.

A number of research analysts recently issued reports on MLNX shares. Zacks Investment Research upgraded shares of Mellanox Technologies from a “strong sell” rating to a “hold” rating in a research note on Wednesday, November 1st. Barclays lowered shares of Mellanox Technologies from an “overweight” rating to an “underweight” rating and lowered their target price for the company from $50.00 to $48.00 in a research note on Monday, October 9th. Stifel Nicolaus lowered their target price on shares of Mellanox Technologies from $56.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, October 26th. KeyCorp reiterated a “hold” rating on shares of Mellanox Technologies in a research note on Tuesday, October 17th. Finally, DA Davidson raised their target price on shares of Mellanox Technologies from $60.00 to $69.00 and gave the company a “buy” rating in a research note on Wednesday, November 22nd. Two analysts have rated the stock with a sell rating, eight have given a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $52.33.

The company has a quick ratio of 2.78, a current ratio of 3.12 and a debt-to-equity ratio of 0.17. The stock has a market cap of $3,100.00, a PE ratio of 62.87, a PEG ratio of 4.08 and a beta of 0.54.

Mellanox Technologies (NASDAQ:MLNX) last posted its quarterly earnings results on Wednesday, October 25th. The semiconductor producer reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.64 by $0.07. The company had revenue of $225.70 million for the quarter, compared to analyst estimates of $226.74 million. Mellanox Technologies had a negative net margin of 0.92% and a positive return on equity of 4.76%. The business’s quarterly revenue was up .7% on a year-over-year basis. During the same period last year, the business posted $0.93 EPS. research analysts expect that Mellanox Technologies, Ltd. will post 0.83 earnings per share for the current fiscal year.

In other news, CFO Yakov (Jacob) Shulman sold 2,706 shares of Mellanox Technologies stock in a transaction dated Wednesday, November 1st. The shares were sold at an average price of $46.32, for a total transaction of $125,341.92. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Michael Kagan sold 2,500 shares of Mellanox Technologies stock in a transaction dated Friday, September 8th. The shares were 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. Insiders sold a total of 222,271 shares of company stock worth $10,992,379 over the last 90 days. Company insiders own 6.05% of the company’s stock.

Several institutional investors have recently modified their holdings of MLNX. Vanguard Group Inc. boosted its position in shares of Mellanox Technologies by 7.1% during the 1st quarter. Vanguard Group Inc. now owns 133,428 shares of the semiconductor producer’s stock valued at $6,798,000 after acquiring an additional 8,841 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Mellanox Technologies by 16.3% during the 1st quarter. Geode Capital Management LLC now owns 27,026 shares of the semiconductor producer’s stock valued at $1,376,000 after acquiring an additional 3,784 shares in the last quarter. Harbour Capital Advisors LLC boosted its position in shares of Mellanox Technologies by 4,230.2% during the 2nd quarter. Harbour Capital Advisors LLC now owns 9,743 shares of the semiconductor producer’s stock valued at $225,000 after acquiring an additional 9,518 shares in the last quarter. Chicago Partners Investment Group LLC acquired a new stake in shares of Mellanox Technologies during the 2nd quarter valued at about $106,000. Finally, Endurance Wealth Management Inc. boosted its position in shares of Mellanox Technologies by 32.0% during the 2nd quarter. Endurance Wealth Management Inc. now owns 52,359 shares of the semiconductor producer’s stock valued at $2,267,000 after acquiring an additional 12,690 shares in the last quarter. Institutional investors and hedge funds own 60.84% of the company’s stock.

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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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