Marvell Technology (NASDAQ:MRVL) Raised to Buy at Wall Street Zen

Key Points

• Marvell Technology has been upgraded from a "hold" to a "buy" rating by Wall Street Zen, reflecting positive sentiment from analysts regarding the company's growth potential.
• The company reported a 63.3% increase in quarterly revenue year-over-year, with earnings per share of $0.62, surpassing analysts' expectations.
• Marvell Technology's stock has a consensus rating of "Moderate Buy" and an average price target of $94.70, indicating optimistic projections from multiple analysts.

Marvell Technology (NASDAQ:MRVL - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a report issued on Saturday.

Several other equities research analysts have also recently weighed in on the stock. Wells Fargo & Company lowered their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Raymond James Financial reaffirmed an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Bank of America raised their target price on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research note on Wednesday, June 18th. Morgan Stanley reaffirmed an "equal weight" rating on shares of Marvell Technology in a research note on Friday. Finally, The Goldman Sachs Group began coverage on shares of Marvell Technology in a research note on Thursday, July 10th. They issued a "neutral" rating and a $75.00 target price on the stock. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Trading Up 2.0%

Shares of Marvell Technology stock opened at $77.34 on Friday. 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 stock has a market capitalization of $66.81 billion, a P/E ratio of -135.68, a price-to-earnings-growth ratio of 0.82 and a beta of 1.83. Marvell Technology has a 12-month low of $47.08 and a 12-month high of $127.48. The company has a 50-day simple moving average of $72.98 and a 200 day simple moving average of $74.79.

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

Insider Activity at Marvell Technology

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer directly owned 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, July 18th. The shares were sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the sale, the executive vice president owned 17,163 shares in the company, valued at $1,241,743.05. This trade represents a 14.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 16,434 shares of company stock worth $1,097,826. Corporate insiders own 0.19% of the company's stock.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology during the fourth quarter worth $234,000. Dynamic Advisor Solutions LLC increased its holdings in Marvell Technology by 5.0% during the first quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock worth $266,000 after buying an additional 206 shares during the last quarter. Yousif Capital Management LLC increased its holdings in Marvell Technology by 8.4% during the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after buying an additional 1,164 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Marvell Technology by 32.3% during 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 buying an additional 5,050,159 shares during the last quarter. Finally, Sargent Investment Group LLC increased its holdings in Marvell Technology by 55.7% during the first quarter. Sargent Investment Group LLC now owns 13,392 shares of the semiconductor company's stock worth $825,000 after buying an additional 4,792 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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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