Mellanox Technologies (MLNX) Upgraded at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Mellanox Technologies (NASDAQ:MLNX) from a neutral rating to an overweight rating in a research note released on Thursday morning, Marketbeat.com reports. They currently have $100.00 target price on the semiconductor producer’s stock, up from their prior target price of $98.00.

A number of other analysts have also recently commented on the company. Zacks Investment Research cut Mellanox Technologies from a strong-buy rating to a hold rating in a research report on Wednesday, September 19th. BidaskClub cut Mellanox Technologies from a hold rating to a sell rating in a research report on Friday, August 17th. Bank of America started coverage on Mellanox Technologies in a research report on Wednesday, October 10th. They issued a buy rating and a $105.00 price target on the stock. ValuEngine cut Mellanox Technologies from a strong-buy rating to a buy rating in a research report on Tuesday, September 4th. Finally, Jefferies Financial Group assumed coverage on shares of Mellanox Technologies in a report on Tuesday, October 2nd. They issued a buy rating and a $110.00 price objective for the company. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and thirteen have assigned a buy rating to the company. The company presently has an average rating of Buy and an average target price of $100.62.

Shares of MLNX traded up $10.53 during mid-day trading on Thursday, reaching $83.30. The company had a trading volume of 3,733,349 shares, compared to its average volume of 543,287. Mellanox Technologies has a 52 week low of $43.55 and a 52 week high of $90.45. The stock has a market cap of $4.41 billion, a P/E ratio of 26.28, a P/E/G ratio of 1.33 and a beta of 0.54.



Mellanox Technologies (NASDAQ:MLNX) last issued its quarterly earnings results on Wednesday, October 24th. The semiconductor producer reported $1.33 EPS for the quarter, topping analysts’ consensus estimates of $1.20 by $0.13. Mellanox Technologies had a return on equity of 15.11% and a net margin of 8.57%. The firm had revenue of $279.20 million for the quarter, compared to analysts’ expectations of $275.49 million. During the same period in the previous year, the firm posted $0.71 EPS. The business’s revenue for the quarter was up 23.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Mellanox Technologies will post 3.42 EPS for the current fiscal year.

In related news, VP Marc Sultzbaugh sold 10,000 shares of the business’s stock in a transaction that occurred on Friday, September 7th. The shares were sold at an average price of $76.13, for a total value of $761,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, VP Michael Kagan sold 3,000 shares of the business’s stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $83.00, for a total transaction of $249,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 16,339 shares of company stock valued at $1,279,259. 4.20% of the stock is owned by company insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Palo Capital Inc. purchased a new stake in Mellanox Technologies during the 3rd quarter valued at $1,465,000. Handelsbanken Fonder AB raised its stake in Mellanox Technologies by 13.4% during the 3rd quarter. Handelsbanken Fonder AB now owns 610,000 shares of the semiconductor producer’s stock valued at $44,804,000 after buying an additional 72,000 shares during the last quarter. Handelsinvest Investeringsforvaltning raised its stake in Mellanox Technologies by 6.4% during the 3rd quarter. Handelsinvest Investeringsforvaltning now owns 103,373 shares of the semiconductor producer’s stock valued at $7,593,000 after buying an additional 6,173 shares during the last quarter. Endurance Wealth Management Inc. raised its stake in Mellanox Technologies by 22.9% during the 3rd quarter. Endurance Wealth Management Inc. now owns 57,059 shares of the semiconductor producer’s stock valued at $4,190,000 after buying an additional 10,625 shares during the last quarter. Finally, Fox Run Management L.L.C. raised its stake in Mellanox Technologies by 86.4% during the 3rd quarter. Fox Run Management L.L.C. now owns 9,403 shares of the semiconductor producer’s stock valued at $691,000 after buying an additional 4,359 shares during the last quarter. Institutional investors and hedge funds own 75.37% of the company’s stock.

Mellanox Technologies Company Profile

Mellanox Technologies, Ltd., a fabless semiconductor company, designs, manufactures, and sells interconnect products and solutions worldwide. Its products facilitate data transmission between servers, storage systems, communications infrastructure equipment, and other embedded systems. The company offers InfiniBand solutions, including switch and gateway integrated circuits (ICs), adapter cards, cables, modules, and software, as well as switch, gateway, and long-haul systems; Ethernet solutions, such as Ethernet switch products and Ethernet adapters for use in enterprise data center, high-performance computing, embedded environments, hyperscale, Web 2.0, and cloud data centers.

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Analyst Recommendations for Mellanox Technologies (NASDAQ:MLNX)

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