Cantor Fitzgerald Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price objective lifted by Cantor Fitzgerald from $60.00 to $75.00 in a report issued on Wednesday,Benzinga reports. The firm presently has a "neutral" rating on the semiconductor company's stock. Cantor Fitzgerald's target price points to a potential downside of 0.15% from the stock's current price.

A number of other equities analysts also recently issued reports on the stock. Wells Fargo & Company cut their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Friday, May 30th. B. Riley raised their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a "buy" rating in a research report on Wednesday. Roth Capital set a $100.00 price target on Marvell Technology in a report on Thursday, March 6th. KeyCorp dropped their price objective on Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Finally, Evercore ISI cut their price target on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Price Performance

NASDAQ MRVL traded up $5.12 on Wednesday, reaching $75.11. The company had a trading volume of 26,740,935 shares, compared to its average volume of 14,903,947. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm's 50 day moving average price is $60.89 and its 200 day moving average price is $84.87. The stock has a market capitalization of $64.89 billion, a PE ratio of -131.71, a price-to-earnings-growth ratio of 0.77 and a beta of 1.76.

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

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on 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 in the company, valued at approximately $7,460,880. The trade was a 1.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, 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 transaction of $685,300.00. 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 over the last 90 days. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Vanguard Group Inc. increased its position in shares of Marvell Technology by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Marvell Technology by 32.3% during 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 purchasing an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. increased its stake in Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after acquiring an additional 423,892 shares during the period. Invesco Ltd. raised its stake in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position 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 valued at $1,462,274,000 after buying an additional 857,087 shares in 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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