NEW YORK ( TheStreet) -- PCTEL ( PCTI), FSI International ( FSII), Mellanox Technologies ( MLNX) and Silicon Graphics International ( SGI) are among a few technology stocks that received analysts' heft buy ratings last quarter. Moreover, these stocks have no sell ratings, or potential upsides, according to analysts' 12-month price targets.

Below, the stocks are stacked in terms of upsides, great to greatest.

10. Mellanox Technologies ( MLNX) is a supplier of semiconductor-based, high-performance connectivity products that facilitate data transmission between servers, communication infrastructure equipment and storage systems. The company provides interconnect products based on integrated circuits (ICs).

Net revenue for the first quarter of 2011 was reported at $55.1 million compared to $36.2 million in the year-ago quarter, driven by higher switch system revenues associated with the Voltaire acquisition. The company expects its switch system revenues to continue to increase as it provides more end-to-end solutions. Non-GAAP net income was $9.2 million, or 24 cents per share, compared with $10.4 million, or 29 cents per share, in the first quarter of 2010.

On the balance sheet front, cash and cash equivalents stood at $54.5 million, up 4.9% year-over-year as operating cash flow increased 68.3% to $13.6 million. During the quarter, the company closed the acquisition of Voltaire Ltd. for $214 million. Moreover, the company recently announced that Toronto-based CNSX Markets Inc. has purchased its Vantage 6024 24-port 10GbE switches to accelerate market data distribution.

Going forward, Mellanox expects second quarter 2011 revenue to range from $61.5 million to $62 million.

Of the five analysts covering the stock, 60% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. The stock had 29% buy ratings in the last quarter. On average, analysts estimate 8.9% upside to $33 in value from current levels.

9. Super Micro Computer ( SMCI), develops and provides server solutions based on a modular and open-standard architecture. The company's solutions include a range of complete rack mount, workstation, storage, graphic processing units and blade server systems, as well as subsystems and accessories that distributors, original equipment manufacturers (OEMs) and end customers can use to assemble server systems.

Revenue in the third quarter of 2011 increased 23.8% year-over-year to $234.3 million from $189.3 million, attributable to higher unit volumes of server systems and subsystems and accessories, partly offset by a decrease in the average selling price of server systems. Gross margin increased 70 basis points to 16.2%, while operating margin expanded 90 basis points to 6.5%. Subsequently, net income surged 38.3% to $10.7 million or 25 cents per share from $7.7 million or 18 cents per share in the third quarter of 2010.

At the end of March 2011, cash and cash equivalents stood at $68.1 million from $66.7 million in the comparable period of last year as operating cash outflow narrowed to $1.8 million from $8.2 million. Moreover, the company had a current ratio of 2.40 compared to 2.15 as of June 2010.

Heading into the fourth quarter of 2011, the company guides net sales of $245 million to $260 million and non-GAAP earnings of 28 to 30 cents per share.

Of the five analysts covering the stock, 80% recommend a buy and the rest advise a hold. There are no sell ratings on the stock. The stock had 50% buy ratings in the last quarter. Analysts estimate 40.4% upside to $22.25 in value from current levels.

8. Cray ( CRAY) designs, develops, manufactures, markets and services high-performance computing (HPC) systems, or supercomputers, and provides engineering services related to HPC systems and solutions.

For the first quarter of 2011, net loss came in at $1.5 million, or 4 cents per share, on sales of $39.9 million, compared to a loss of $11.6 million, or 34 cents per share, on sales of $28.4 million in the year-ago quarter. Gross profit margin soared to 43% from 23% in the first quarter of 2010. Cash and cash equivalents stood at $122 million vs. $57.4 million in the prior quarter. Moreover, cash flow from operations surged to $64.8 million from an outflow of $8.4 million in the first quarter of 2010.

Going forward, assuming that all necessary acceptances are achieved within the year, total revenue for 2011 is anticipated at $300 million to $340 million. Quarterly revenue is expected to fluctuate for 2011 with second-quarter revenue in the range of $65 million to $70 million and fourth-quarter revenue representing more than 50% of the annual total.

Of the four analysts covering the stock, 75% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. The stock had 50% buy ratings during the last quarter. On average, analysts estimate 46.5% upside to $9.33 in value from current levels.

7. Actuate ( BIRT) provides software and services to develop and deploy Rich Information Applications, which deliver interactive content. These applications provide stakeholders including employees, customers, and partners, business intelligence to improve a range of functions including financial management, sales, and customer service to create a competitive advantage and enable users to make informed decisions.

Net revenue for the first quarter of 2011 was reported at $32.1 million vs. $29.1 million in the year-ago quarter, primarily on a 22% increase in license revenue coupled with a 5% increase in service revenue. Revenue included three transactions with a license component in excess of $1 million. Net income stood at $1.7 million, or 4 cents per share, compared to $1.6 million, or 3 cents per share, in the first quarter of 2010.

During the quarter, the company closed 46 BIRT license transactions, up 18% year-over-year. Total cash, cash equivalents, and investments stood at $82.9 million, representing a 22% increase over the prior year's quarter.

Of the six analysts covering the stock, 67% recommend a buy, while the remaining rate a hold. There are no sell ratings on the stock. The stock had 43% buy ratings during the last quarter. On average, analysts estimate 49.8% upside to $8 in value from current levels.

6. PCTEL ( PCTI) designs and develops software-based radios for wireless network optimization and develops and distributes antenna solutions. The company's scanning receivers, receiver-based products and interference management solutions are used to measure, monitor and optimize cellular networks.

Total revenue for 2011 first quarter stood at $18.2 million, up 17.1% from $15.6 million in the prior year's quarter. About 14% of the increase is attributable to antennas and 3% to scanning receivers. Revenue from antennas improved on stronger volumes in its targeted vertical markets, while increased sales through value added resellers drove scanning receiver revenues. Lastly, net loss narrowed to $119,000, or 1-cent per share, from $795,000, or 5 cents per share, in the first quarter of 2010.

Non-GAAP net income for the quarter stood at $832,000, or 5 cents per share, compared to $356,000, or 2 cents per share, in the same period in 2010. Cash and cash equivalents and investments were $68.1 million, while current ratio stood at 7.07.

All the five analysts covering the stock recommend a buy. The stock has no sell ratings. Last quarter, the stock had 75% buy ratings. Analysts estimate 50% upside to $9 in value from current levels.

5. Cohu ( COHU) is a supplier of test-handling, burn-in and thermal solutions used by the global semiconductor industry, microwave communications and manufacturers of closed-circuit television equipment. Cohu operates in three segments: semiconductor equipment, microwave communication systems and video cameras.

Net revenue for 2011 first quarter soared 38.4% year-over-year to $89.7 million from $64.8 million. Sales of semiconductor equipment surged 41.8% to $79.4 million, while mobile microwave communication equipment revenue increased 36.3% to $7 million. However, sales of video cameras declined 11.4% to $3.2 million. Subsequently, this resulted in a multifold increase in net income to $6.6 million, or 27 cents per share, from $907,000, or 4 cents per share, in the comparable quarter of 2010. As of March 2011, cash and cash equivalents stood at $106.7 million, up 8.7% from $98.2 million reported at the end of Dec. 2010. Moreover, current ratio improved to 3.77 from 3.36.

Orders were $75.3 million for the first quarter of 2011 and $75.8 million for the fourth quarter of 2010. Semiconductor equipment constituted $61.1 million of these orders compared to $67.1 million in the fourth quarter of 2010. Total consolidated backlog was $85.2 million at March 26, 2011 compared to $99.6 million at Dec. 25, 2010. Furthermore, Cohu expects second quarter 2011 sales between $77 million and $82 million.

All the three analysts covering the stock recommend buying it. There are no sell ratings on the stock. Last quarter, the stock had 67% buy ratings. On average, analysts estimate 54% upside to $19 in value from current levels.

4. FSI International ( FSII) designs, manufactures, markets and supports equipment used in the fabrication of microelectronics such as advanced semiconductor devices. It directly sells and services its products in North America, Europe and the Asia-Pacific region, except Japan. The company will report its third quarter 2011 results on June 21.

Net income for the third quarter of 2011 is forecast at $3 million on sales of $26.4 million vs. net income of $5.9 million on $28.7 million sales recorded during 2010 third quarter, according to analysts polled by Bloomberg. Earnings per share are pegged at 8 cents, down from 18 cents reported during the comparable quarter of last year.

As per the company's recent preliminary release, third-quarter orders are pegged at $27-$29 million, lower than the prior guidance of $40 million. The company is progressing on several product evaluation programs and anticipates closing these orders in the second half of calendar 2011. Furthermore, revenue is foreseen at $25 million to $27 million, compared to its prior guidance of $30 million and above.

Of the four analysts covering the stock, 75% recommend a buy and the rest suggest a hold. There are no sell ratings on the stock. The stock had 25% buy ratings during the last quarter. On average, analysts estimate 56% upside to $6.08 in value from current levels.

3. Silicon Graphics International ( SGI) develops, markets and sells a range of low cost, mid-range and high-end computing servers and data storage, as well as differentiating software. It sells data center infrastructure products that are custom-built for large-scale data center deployments.

Revenue for 2011 third quarter was reported at $143.7 million, increasing 33% from $107.8 million in the third quarter of the prior year. This revenue growth resulted partly from the required adoption of new accounting standards for revenue recognition. Consequently, the company recognized more revenue upon delivery or acceptance and from increased sales of high performance computer servers and storage products. Gross margin improved 140 basis points to 28.2% from 26.8%. Subsequently, net loss narrowed to $1.7 million, or 5 cents per share, from $20.2 million, or 67 cents per share, in the year-ago quarter.

As of March 2011, cash and cash equivalents stood at $128.7 million, up 27.5% sequentially from $100.9 million. Current ratio stood at 1.56 compared to 1.55 at the end of December 2010.

Of the three analysts covering the stock, 67% recommend a buy. The stock had 33% buy ratings during the last quarter. On average, analysts estimate 65.4% upside to $26 in value from current levels.

2. Magnachip Semiconductor (MX) is a Korea-based designer and manufacturer of analog and mixed-signal semiconductor products for consumer applications such as mobile phones, digital televisions, mobile multimedia devices and digital cameras.

For the first quarter of 2011, net revenue increased 4.7% to $187.9 million from $179.5 million in the first quarter of 2010, led by higher revenue from its Power solutions segment, although partially offset by lower revenue from its Display Solutions segment and Semiconductor Manufacturing Services segment. Gross profit margin advanced 260 basis points to 30.1% from 27.5%, whereas operating margin narrowed 30 basis points to 5.6% from 5.9%. Net income declined 27.8% to $22.5 million, or 57 cents per share, from $31.1 million, or 81 cents per share, in the year-ago quarter. As of March 2011, cash and cash equivalents stood at $194.2 million, up 12.8% from $172.2 million at the end of December 2010.

During the quarter, the company completed its IPO and listing on the NYSE and signed a water foundry agreement with a major U.S. provider of microcontroller and touch solutions.

Looking ahead to second quarter 2011, the company estimates revenue to increase 5% to 9% on a sequential basis and gross profit margin to increase 150 to 300 basis points quarter-over-quarter.

Of the five analysts covering the stock, 80% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. The stock had no buy ratings during the last quarter. On average, analysts estimate 65.6% upside to $19.63 in value from current levels.

1. Ultra Clean Holdings ( UCTT) is a developer and supplier of critical subsystems, primarily for the semiconductor capital equipment industry. The company also uses specialized skill sets required to support semiconductor capital equipment to serve technologically similar markets in the flat panel, medical, energy and research industries, collectively referred to as other addressed industries.

For the first quarter of 2011, the company recorded 28.7% increase in net revenue to $126.7 million from the year-ago period, building on the demand acceleration in semiconductor equipment since the overall slowdown in the industry. This revenue increase is attributable to volume increases at relatively constant prices with existing customers. The company expects a modest increase in sales in the second quarter of 2011. Gross profit margin stood at 13.9%, a 130 basis-point increase from 12.6% in the year-ago quarter.

Net income for the quarter was $5.8 million, or 25 cents per share, compared to $3.9 million, or 17 cents per share, in the first quarter of 2010. Cash at the end of first quarter 2011 was $35.3 million, increasing $0.6 million from the prior quarter. Current ratio declined marginally to 2.65 from 2.68.

Looking ahead to the second quarter 2011, the company estimates revenue in the range of $128 million to $133 million, with earnings per share between 26 and 29 cents.

Of the five analysts covering the stock, 60% recommend a buy and the remaining rate a hold. There are no sell ratings on the stock. The stock had 25% buy ratings during the last quarter. On average, analysts estimate 73.1% upside to $15.13 in value from current levels.

>>To see these stocks in action, visit the Top 10 Tech Stocks portfolio on Stockpickr.

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