Marvell Technology's (MRVL) Overweight Rating Reaffirmed at Piper Sandler

Marvell Technology (NASDAQ:MRVL - Get Free Report)'s stock had its "overweight" rating restated by investment analysts at Piper Sandler in a research report issued to clients and investors on Friday,Benzinga reports. They presently have a $85.00 target price on the semiconductor company's stock, down from their previous target price of $95.00. Piper Sandler's price target would indicate a potential upside of 43.39% from the stock's previous close.

Several other research analysts have also commented on the company. Citigroup dropped their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Wells Fargo & Company dropped their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Friday. Stifel Nicolaus lowered their price target on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective for the company in a research report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $94.21.

Marvell Technology Stock Down 7.0%

Shares of NASDAQ:MRVL traded down $4.45 during trading on Friday, hitting $59.28. The stock had a trading volume of 48,266,075 shares, compared to its average volume of 14,540,546. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The company has a market capitalization of $51.21 billion, a PE ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The firm's fifty day moving average is $58.72 and its 200 day moving average is $86.86. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its 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 business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company's revenue was up 63.3% compared to the same quarter last year. During the same period last year, the business posted $0.24 EPS. Analysts anticipate that Marvell Technology will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now directly owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated 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. Over the last three months, insiders have sold 33,541 shares of company stock worth $2,079,948. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the business. Norges Bank acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $802,410,000. Nuveen Asset Management LLC raised its position in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Nuveen LLC acquired a new position in shares of Marvell Technology in the first quarter valued at approximately $399,587,000. Finally, Goldman Sachs Group Inc. raised its position in shares of 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 valued at $1,272,117,000 after buying an additional 5,050,159 shares during the last quarter. Hedge funds and other 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.