B. Riley Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price objective increased by investment analysts at B. Riley from $110.00 to $115.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage currently has a "buy" rating on the semiconductor company's stock. B. Riley's price objective suggests a potential upside of 51.39% from the company's current price.

A number of other equities research analysts have also recently weighed in on MRVL. Barclays cut their price target on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. Morgan Stanley increased their price target on Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Friday, May 30th. Bank of America lifted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday. Finally, Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus target price of $95.83.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded up $5.97 during mid-day trading on Wednesday, hitting $75.96. The company had a trading volume of 22,216,638 shares, compared to its average volume of 14,888,737. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The stock has a market cap of $65.62 billion, a price-to-earnings ratio of -134.27, a PEG ratio of 0.77 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The firm's 50 day simple moving average is $60.89 and its two-hundred day simple moving average is $84.87.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period last year, the business posted $0.24 earnings per share. As a group, equities research analysts forecast that Marvell Technology will post 0.91 earnings per share for the current year.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 over the last quarter. Company insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Norges Bank acquired a new position in Marvell Technology during the fourth quarter worth $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC increased its holdings in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after acquiring an additional 6,543,132 shares during the last quarter. Nuveen LLC bought a new position in shares of Marvell Technology in the 1st quarter valued at approximately $399,587,000. Finally, Goldman Sachs Group Inc. raised its stake in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after acquiring an additional 5,050,159 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.

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