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MLNX

Mellanox

$64.30

-0.45 (-0.69%)

17:12
01/17/18
01/17
17:12
01/17/18
17:12

Starboard to nominate nine directors for election at Mellanox

Starboard Value, the largest shareholder of Mellanox Technologies, with an ownership interest of approximately 10.7% of the company's outstanding shares, today announced that it will be nominating a slate of nine highly qualified candidates for election to the board at the company's 2018 Annual Meeting of Shareholders. Starboard also announced that it has issued the following open letter to Mellanox shareholders. The letter said in part:" As we have communicated previously, we believe Mellanox is a great company with a market leading technology portfolio and product set. We believe that Mellanox is deeply undervalued and opportunities exist within the control of management and the Board of Directors to unlock significant value for the benefit of all shareholders. In light of the upcoming deadline for shareholder nominations, as set by the company, and in order to preserve our rights as shareholders, we will be delivering to Mellanox a formal notice nominating nine highly qualified director candidates for election at the 2018 Annual General Meeting of Shareholders...Mellanox has been plagued by years of dismal stock price and operating performance, poor execution, excessive stock-based compensation, and a perceived inability to hold management accountable for its failure to deliver results...We believe that substantial change is required and warranted on the Board in order to provide a new plan for the future...Our hope is that we can work with the Company to find the right long-term solution for Mellanox, rather than simply a boost in short-term performance. Our goal is to create value for the benefit of all shareholders. We believe that Mellanox has the potential to become a best-in-class company."

  • 18

    Jan

MLNX Mellanox
$64.30

-0.45 (-0.69%)

12/07/17
STFL
12/07/17
NO CHANGE
Target $70
STFL
Buy
Mellanox price target raised to $70 from $53 at Stifel
Stifel analyst Kevin Cassidy raised his price target on Mellanox to $70 from $53 as he projected the earnings improvement potential from the operational changes that may be prompted by the involvement of activist investor Starboard Value. If Mellanox' 2018 SG&A spending came in line with peers, it could increase 2018 non-GAAP EPS by about $1.00, estimated Cassidy, who keeps a Buy rating on the stock.
12/12/17
SUSQ
12/12/17
INITIATION
Target $75
SUSQ
Positive
Mellanox initiated with a Positive at Susquehanna
Target $75.
12/13/17
SUSQ
12/13/17
INITIATION
Target $75
SUSQ
Positive
Mellanox initiated with a Positive, sees restructuring/takeout at Susquehanna
Susquehanna analyst Christopher Rolland initiated Mellanox (MLNX) with a Positive and $75 price target. Rolland said Mellanox has dominated the high-speed low-latency interconnect market and envisions three scenarios for the company. First, Mellanox is bought at a 30% premium due to synergies. Second, Mellanox does a Marvell (MRVL) type restructuring to drive operating margins through "deep opex cuts." Lastly, the company organically grows 30% operating margins and sells itself to an acquirer.
01/12/18
DADA
01/12/18
NO CHANGE
Target $75
DADA
Buy
Mellanox price target raised to $75 from $70 at DA Davidson
DA Davidson analyst Mark Kelleher raised his price target on Mellanox to $75 ahead of the Q4 earnings next week. Kelleher says the company is well positioned for "solid top and bottom line growth over the next several years based on the growth of its primary revenue drivers - Infiniband and Ethernen. The analyst adds that the management is increasingly focused on operational efficiency after Starboard's activist position in the company, keeping his Buy rating on Mellanox.

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