Shares of Mellanox Technologies Inc., an Israeli manufacturer that designs chips for the InfiniBand data exchange standard and Ethernet, reached record highs Friday when the company's quarterly profit surpassed expectations.
The technology consistently out-performs analysts' estimations on storage, data and cloud trends. The chips handle the communication between servers and data storage systems.
"This is the second quarter in a row that Mellanox breaks every growth record possible and raises the level of investors' expectations to new heights," Harel Finance analyst Rami Rozen said in a note to clients.
Rozen raised his price target on Mellanox stock from $80 to $110, and at least 10 brokerages followed suit.
The stock has more than doubled since 2011, with shares of the company jumping 44 percent to $95.55 in early trading. Mellanox is currently one of the biggest percentage gainers on the Nasaq, Reuters reported.
This month, Mellanox announced its partnership with Quanta QCT, a subsidiary of Fortune Global 500 Company, Quanta Computer.
Founded in 1999, Mellanox Technologies has headquarters in Yokneam, Israel and Sunnyvale, California. The company was co-founded by Eyal Waldman and Roni Ashuri, who serve as Chairman and CEO and vice president of engineering, respectively.
Danielle Chazen is a regular contributor to Jspace's technology division. Danielle is a freelance reporter and technology event coordinator with a degree in journalism from the University of Maryland.