Zacks Downgrades Mellanox Technologies to Hold (MLNX)
Mellanox Technologies (NASDAQ:MLNX) was downgraded by Zacks from a “strong-buy” rating to a “hold” rating in a research report issued to clients and investors on Tuesday, Market Beat.com reports.
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 with adapter eMachines D520 AC adapter, eMachines E730 AC adapter, eMachines G520 AC adapter, Gateway LT1005 AC adapter, Gateway 0220A1990 AC adapter, Gateway ADP-50GB AC adapter, Gateway PA-1650-01 AC adapter, Gateway 0220A1890 AC adapter, Gateway SA70-3105 T4010 AC adapter, Gateway ADP-60DH AC adapter, Gateway Solo 9100 AC adapter, Gateway S7200 AC adapter, power consumption, workload agility, and total system efficiency while future-proofing IT infrastructure. “
A number of other brokerages also recently weighed in on MLNX. Piper Jaffray reaffirmed a “buy” rating and issued a $60.00 price target (up from $55.00) on shares of Mellanox Technologies in a research report on Thursday, July 2nd. Summit Research reissued a “buy” rating on shares of Mellanox Technologies in a report on Thursday, July 23rd. Stifel Nicolaus reaffirmed a “buy” rating on shares of Mellanox Technologies in a research note on Thursday, May 28th. Finally, Macquarie reissued an “outperform” rating and issued a $60.00 price objective (up previously from $56.00) on shares of Mellanox Technologies in a research note on Friday, June 5th. Five equities research analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $57.47.
Mellanox Technologies (NASDAQ:MLNX) traded down 1.33% on Tuesday, hitting $40.20. 262,785 shares of the stock traded hands. The firm’s 50-day moving average price is $41.39 and its 200-day moving average price is $46.01. Mellanox Technologies has a 12-month low of $32.24 and a 12-month high of $52.77. The stock has a market cap of $1.87 billion and a price-to-earnings ratio of 72.56.
Mellanox Technologies (NASDAQ:MLNX) last announced its quarterly earnings results on Wednesday, July 22nd. The company reported $0.75 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.13. The firm had revenue of $163.15 million for the quarter, compared to analyst estimates of $157.87 million. The firm’s quarterly revenue was up 58.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.15 earnings per share. On average, equities research analysts anticipate that Mellanox Technologies will post $2.73 EPS for the current fiscal year.