FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person * GRAY MICHAEL   2. Issuer Name and Ticker or Trading Symbol Mellanox Technologies, Ltd. [MLNX] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Chief Financial Officer (Last) (First) (Middle) 2900 STENDER WAY 3. Date of Earliest Transaction (Month/Day/Year) 11/05/2007 (Street) SANTA CLARA, CA 95054 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) _X_ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Ordinary Shares 11/05/2007   M   12,500 A $ 3.5 12,500 D   Ordinary Shares 11/05/2007   S(1)   300 D $ 22.33 12,200 D   Ordinary Shares 11/05/2007   S(1)   192 D $ 22.59 12,008 D   Ordinary Shares 11/05/2007   S(1)   400 D $ 22.6 11,608 D   Ordinary Shares 11/05/2007   S(1)   100 D $ 22.61 11,508 D   Ordinary Shares 11/05/2007   S(1)   300 D $ 22.62 11,208 D   Ordinary Shares 11/05/2007   S(1)   100 D $ 22.63 11,108 D   Ordinary Shares 11/05/2007   S(1)   200 D $ 22.65 10,908 D   Ordinary Shares 11/05/2007   S(1)   1,200 D $ 22.66 9,708 D   Ordinary Shares 11/05/2007   S(1)   1,413 D $ 22.67 8,295 D   Ordinary Shares 11/05/2007   S(1)   5,425 D $ 22.68 2,870 D   Ordinary Shares 11/05/2007   S(1)   783 D $ 22.69 2,087 D   Ordinary Shares 11/05/2007   S(1)   1,100 D $ 22.7 987 D   Ordinary Shares 11/05/2007   S(1)   587 D $ 22.71 400 D   Ordinary Shares 11/05/2007   S(1)   200 D $ 22.72 200 D   Ordinary Shares 11/05/2007   S(1)   200 D $ 22.74 0 D   Ordinary Shares               439 I by Trust (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)

2. Conversion or Exercise Price of Derivative Security

3. Transaction Date (Month/Day/Year)

3A. Deemed Execution Date, if any (Month/Day/Year)

4. Transaction Code (Instr. 8)

5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)

6. Date Exercisable and Expiration Date (Month/Day/Year)

7. Title and Amount of Underlying Securities (Instr. 3 and 4)

8. Price of Derivative Security (Instr. 5)

9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)

10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)

11. Nature of Indirect Beneficial Ownership (Instr. 4)

Code

V

(A)

(D)

Date Exercisable

Expiration Date

Title

Amount or Number of Shares

Non-Qualified Stock Option (right to buy)

$ 3.5

11/05/2007

M

12,500

(3)

10/14/2014

Ordinary Shares

12,500

$ 0

178,332

D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
GRAY MICHAEL 2900 STENDER WAY SANTA CLARA, CA 95054			Chief Financial Officer

Signatures

/s/ Michael Gray by Lee-Ann Kennedy Stewart, Power of Attorney		11/07/2007
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	The sales reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on August 7, 2007.
(2)	Shares held by the M&M Gray Family 2001 Trust U/T/A, for which Mr. Gray is a trustee.
(3)	100% of the shares subject to the option are immediately exercisable. However, all unvested ordinary shares underlying the option are subject to a right of repurchase held by the Issuer, which right of repurchase will lapse as the shares vest according to the following schedule: 25% of the shares subject to the option will vest on December 1, 2005 and 1/48th of the shares will vest monthly thereafter, such that 100% of the shares subject to the option will be fully vested on December 1, 2008.

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