Pier 88 Investment Partners LLC cut its position in shares of Mellanox Technologies, Ltd. (NASDAQ:MLNX) by 37.1% during the second quarter, Holdings Channel reports. The firm owned 9,450 shares of the semiconductor producer’s stock after selling 5,582 shares during the period. Pier 88 Investment Partners LLC’s holdings in Mellanox Technologies were worth $409,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of the stock. First Interstate Bank bought a new stake in shares of Mellanox Technologies during the first quarter worth $159,000. First Mercantile Trust Co. acquired a new position in Mellanox Technologies during the first quarter worth approximately $174,000. Oppenheimer Asset Management Inc. acquired a new position in Mellanox Technologies during the first quarter worth approximately $186,000. Wexford Capital LP acquired a new position in Mellanox Technologies during the first quarter worth approximately $204,000. Finally, Highbridge Capital Management LLC acquired a new position in Mellanox Technologies during the first quarter worth approximately $236,000. 69.22% of the stock is owned by hedge funds and other institutional investors.
Mellanox Technologies, Ltd. (MLNX) traded up 0.11% during trading on Monday, hitting $45.05. 315,138 shares of the company traded hands. Mellanox Technologies, Ltd. has a 12-month low of $38.75 and a 12-month high of $52.79. The company has a market capitalization of $2.24 billion, a P/E ratio of 171.95 and a beta of 0.68. The stock has a 50 day moving average price of $45.99 and a 200 day moving average price of $46.82.
Mellanox Technologies (NASDAQ:MLNX) last posted its earnings results on Wednesday, April 26th. The semiconductor producer reported $0.29 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.49 by $0.20. The company had revenue of $188.65 million for the quarter, compared to analysts’ expectations of $204.70 million. Mellanox Technologies had a net margin of 1.58% and a return on equity of 8.12%. The firm’s quarterly revenue was down 4.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.81 EPS. On average, equities analysts anticipate that Mellanox Technologies, Ltd. will post $2.34 earnings per share for the current year.
Several equities analysts recently issued reports on the stock. Jefferies Group LLC cut their price target on shares of Mellanox Technologies from $41.00 to $38.00 and set an “underperform” rating for the company in a report on Friday, April 28th. Roth Capital cut shares of Mellanox Technologies from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $60.00 to $53.00 in a research report on Thursday, April 27th. BidaskClub cut shares of Mellanox Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, June 21st. Zacks Investment Research cut shares of Mellanox Technologies from a “buy” rating to a “hold” rating in a research report on Thursday, April 27th. Finally, Piper Jaffray Companies cut shares of Mellanox Technologies from an “overweight” rating to a “neutral” rating and set a $48.00 price objective for the company. in a research report on Thursday, April 27th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the stock. Mellanox Technologies currently has a consensus rating of “Hold” and an average price target of $52.50.
In other news, VP Michael Kagan sold 5,000 shares of Mellanox Technologies stock in a transaction dated Tuesday, May 9th. The stock was sold at an average price of $47.50, for a total transaction of $237,500.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 6.05% 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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