Marvell Technology (NASDAQ:MRVL) Coverage Initiated at The Goldman Sachs Group

Analysts at The Goldman Sachs Group started coverage on shares of Marvell Technology (NASDAQ:MRVL - Get Free Report) in a research note issued on Thursday, Marketbeat Ratings reports. The firm set a "neutral" rating and a $75.00 price target on the semiconductor company's stock. The Goldman Sachs Group's target price would indicate a potential upside of 3.15% from the stock's current price.

Several other research firms have also commented on MRVL. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target for the company. in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday, May 30th. Susquehanna cut their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research report on Tuesday, May 27th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Wells Fargo & Company lowered their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Eight research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Stock Down 0.9%

Shares of MRVL stock traded down $0.65 on Thursday, hitting $72.71. The stock had a trading volume of 9,957,323 shares, compared to its average volume of 15,773,250. Marvell Technology has a one year low of $47.09 and a one year high of $127.48. The business has a 50 day moving average price of $67.80 and a 200 day moving average price of $80.54. The company has a market cap of $62.81 billion, a PE ratio of -127.56, a P/E/G ratio of 0.80 and a beta of 1.81. 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 posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating 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 for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the firm posted $0.24 EPS. The company's revenue for the quarter was up 63.3% on a year-over-year basis. Research analysts anticipate that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the sale, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the business. Hughes Financial Services LLC purchased a new position in shares of Marvell Technology during the 1st quarter valued at approximately $26,000. Rossby Financial LCC acquired a new position in Marvell Technology during the first quarter worth $27,000. Financial Connections Group Inc. raised its position in Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 388 shares during the period. Vision Financial Markets LLC purchased a new position in Marvell Technology during the first quarter valued at $28,000. Finally, Security National Bank acquired a new stake in shares of Marvell Technology in the first quarter valued at about $31,000. Hedge funds and other institutional investors 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.