Marvell Technology (NASDAQ:MRVL) Now Covered by Analysts at China Renaissance

Research analysts at China Renaissance began coverage on shares of Marvell Technology (NASDAQ:MRVL - Get Free Report) in a report issued on Thursday, MarketBeat Ratings reports. The firm set a "buy" rating and a $110.00 price target on the semiconductor company's stock. China Renaissance's price target indicates a potential upside of 68.82% from the company's current price.

Other equities research analysts also recently issued research reports about the company. Wells Fargo & Company decreased their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Friday, May 30th. Citigroup cut their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Susquehanna cut their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research note on Tuesday, May 27th. Seven research 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 company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $94.73.

Marvell Technology Stock Down 1.7%

Shares of NASDAQ MRVL traded down $1.14 on Thursday, hitting $65.16. The company had a trading volume of 23,064,101 shares, compared to its average volume of 14,585,036. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48. The business has a 50 day moving average of $58.72 and a two-hundred day moving average of $86.16. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $56.29 billion, a P/E ratio of -38.33, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The company's revenue was up 63.3% compared to the same quarter last year. As a group, equities research analysts forecast that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In other news, Director Brad W. Buss purchased 3,000 shares of the firm's stock in a transaction on Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase 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 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 value of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Point72 Asia Singapore Pte. Ltd. bought a new position in Marvell Technology during the 4th quarter valued at $234,000. Hudock Inc. bought a new stake in shares of Marvell Technology during the 4th quarter worth $265,000. Everhart Financial Group Inc. bought a new stake in shares of Marvell Technology during the 4th quarter worth $437,000. Union Bancaire Privee UBP SA bought a new stake in shares of Marvell Technology during the 4th quarter worth $16,699,000. Finally, CIBC Asset Management Inc boosted its stake in shares of Marvell Technology by 3.5% during the 4th quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock worth $21,770,000 after acquiring an additional 6,699 shares in the last quarter. 83.51% of the stock is owned by 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.