Mellanox Technologies (MLNX) Upgraded by Zacks Investment Research to “Strong-Buy”

Mellanox Technologies (NASDAQ:MLNX) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $74.00 target price on the semiconductor producer’s stock. Zacks Investment Research‘s price target points to a potential upside of 14.91% from the company’s current price.

According to Zacks, “MELLANOX TECHNOLOGIES is a leading supplier of semiconductor-based, interconnect products to world-class server, storage, and infrastructure OEMs servicing Fortune 500 data centers, the world’s most powerful supercomputers, and mission critical embedded applications. The company’s Virtual Protocol Interconnect enables standard communication protocols to operate over any converged network (InfiniBand, Ethernet, Data Center Ethernet) with the same software solution. Utilizing proven networking, clustering, storage, virtualization and RDMA acceleration engines, VPI optimizes application performance, power consumption, workload agility, and total system efficiency while future-proofing IT infrastructure. “

Other equities analysts have also issued reports about the stock. Susquehanna Bancshares started coverage on shares of Mellanox Technologies in a report on Wednesday, December 13th. They set a “positive” rating and a $75.00 target price for the company. Stifel Nicolaus lifted their target price on shares of Mellanox Technologies from $53.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, December 7th. BidaskClub raised shares of Mellanox Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, December 5th. Longbow Research raised shares of Mellanox Technologies from a “neutral” rating to a “buy” rating in a report on Friday, December 1st. Finally, Barclays raised shares of Mellanox Technologies from an “underweight” rating to an “equal weight” rating and lifted their target price for the company from $47.00 to $55.00 in a report on Tuesday, November 28th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $58.60.

Shares of Mellanox Technologies (MLNX) opened at $64.40 on Wednesday. The company has a debt-to-equity ratio of 0.17, a quick ratio of 2.78 and a current ratio of 3.12. Mellanox Technologies has a 12 month low of $40.20 and a 12 month high of $64.70. The company has a market cap of $3,267.08, a P/E ratio of -402.50, a price-to-earnings-growth ratio of 4.77 and a beta of 0.64.

Mellanox Technologies (NASDAQ:MLNX) last announced its quarterly earnings data on Wednesday, October 25th. The semiconductor producer reported $0.71 EPS for the quarter, beating the consensus estimate of $0.64 by $0.07. Mellanox Technologies had a net margin of 1.51% and a return on equity of 1.34%. The business had revenue of $225.70 million during the quarter, compared to analysts’ expectations of $226.74 million. During the same period in the previous year, the business posted $0.93 EPS. The business’s quarterly revenue was up .7% compared to the same quarter last year. equities research analysts predict that Mellanox Technologies will post 0.84 earnings per share for the current year.

In related news, Director Amal M. Johnson sold 2,857 shares of the business’s stock in a transaction on Thursday, November 30th. The shares were sold at an average price of $57.60, for a total value of $164,563.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Yakov (Jacob) Shulman sold 2,706 shares of the business’s stock in a transaction on Wednesday, November 1st. The stock was sold at an average price of $46.32, for a total transaction of $125,341.92. The disclosure for this sale can be found here. In the last three months, insiders sold 235,128 shares of company stock valued at $11,784,167. 6.05% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. SG Americas Securities LLC acquired a new stake in Mellanox Technologies during the 2nd quarter worth $122,000. Legal & General Group Plc boosted its stake in Mellanox Technologies by 4.6% during the 2nd quarter. Legal & General Group Plc now owns 4,488 shares of the semiconductor producer’s stock worth $194,000 after purchasing an additional 199 shares during the last quarter. Juncture Wealth Strategies LLC acquired a new stake in Mellanox Technologies during the 3rd quarter worth $222,000. Dynamic Technology Lab Private Ltd acquired a new stake in Mellanox Technologies during the 2nd quarter worth $259,000. Finally, Sciencast Management LP acquired a new stake in Mellanox Technologies during the 2nd quarter worth $333,000. 60.81% of the stock is currently owned by institutional investors.

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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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