Benchmark Reiterates "Buy" Rating for Marvell Technology (NASDAQ:MRVL)

Marvell Technology (NASDAQ:MRVL - Get Free Report)'s stock had its "buy" rating restated by equities researchers at Benchmark in a research note issued on Wednesday,Benzinga reports. They currently have a $95.00 price target on the semiconductor company's stock. Benchmark's price target would suggest a potential upside of 35.73% from the company's current price.

Several other analysts also recently weighed in on MRVL. Citigroup decreased their price target 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. Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 target price for the company. in a research note on Thursday, May 22nd. Evercore ISI dropped their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a research note on Friday, May 30th. Cantor Fitzgerald restated a "neutral" rating and issued a $60.00 target price on shares of Marvell Technology in a research note on Friday, May 30th. Finally, China Renaissance assumed coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a "buy" rating and a $110.00 price objective on the stock. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $69.99 on Wednesday. The firm has a fifty day moving average price of $60.89 and a 200-day moving average price of $84.87. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The stock has a market cap of $60.46 billion, a PE ratio of -122.79, a price-to-earnings-growth 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.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data 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 positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the company posted $0.24 EPS. The company's revenue was up 63.3% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction that occurred 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 owns 124,348 shares in the company, valued at $7,460,880. The trade was a 1.19% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Vanguard Group Inc. boosted its position in shares of Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after buying an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. lifted its holdings in Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. grew its position in Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after buying an additional 423,892 shares in the last quarter. Invesco Ltd. raised its position in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its stake in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after acquiring an additional 857,087 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

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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