Bank of America Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price objective hoisted by Bank of America from $80.00 to $90.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Bank of America's target price would suggest a potential upside of 16.59% from the company's previous close.

A number of other equities research analysts have also recently issued reports on the company. TD Cowen boosted their price objective on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a report on Friday, May 30th. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Melius Research downgraded shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a research report on Thursday, May 22nd. Citigroup reduced their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Melius cut 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. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $95.33.

Marvell Technology Stock Performance

MRVL stock traded up $7.20 during mid-day trading on Wednesday, reaching $77.19. 18,859,398 shares of the stock traded hands, compared to its average volume of 14,873,758. The business has a 50-day moving average of $60.89 and a two-hundred day moving average of $84.87. Marvell Technology has a 52 week low of $47.09 and a 52 week high of $127.48. The firm has a market capitalization of $66.68 billion, a PE ratio of -135.33, a P/E/G ratio of 0.77 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

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

Insider Transactions at Marvell Technology

In other news, EVP Mark Casper sold 626 shares of the stock in a transaction on Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the sale, the executive vice president now directly owns 626 shares in the company, valued at $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the completion of the sale, the chief financial officer now owns 124,348 shares of the company's stock, valued at approximately $7,460,880. This trade represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock worth $1,656,076 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC boosted its position in shares of Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares during the last quarter. Nuveen LLC bought a new stake in shares of Marvell Technology in the first quarter worth about $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in 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 worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the last quarter. Institutional investors own 83.51% of the company's stock.

About Marvell Technology

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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