Marvell Technology (NASDAQ:MRVL) Price Target Raised to $76.00

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price raised by analysts at Melius Research from $67.00 to $76.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. Melius Research's price objective indicates a potential upside of 3.39% from the company's current price.

Several other research analysts have also weighed in on MRVL. B. Riley reaffirmed a "buy" rating and set a $115.00 target price (up previously from $110.00) on shares of Marvell Technology in a research note on Wednesday. Barclays lowered their target price on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Bank of America increased their target price on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a research note on Wednesday. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Finally, Deutsche Bank Aktiengesellschaft lowered their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Six research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Trading Down 1.9%

Shares of MRVL traded down $1.44 during mid-day trading on Wednesday, reaching $73.51. The stock had a trading volume of 45,935,274 shares, compared to its average volume of 15,159,316. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48. The business's fifty day moving average is $62.02 and its 200 day moving average is $84.50. The firm has a market cap of $63.50 billion, a price-to-earnings ratio of -128.96, a P/E/G ratio of 0.81 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (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 firm had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. Marvell Technology's quarterly revenue was up 63.3% on a year-over-year basis. On average, sell-side analysts predict that Marvell Technology will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the transaction, the chief operating officer now owns 92,065 shares in the company, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 in the last ninety days. 0.19% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MRVL. Norges Bank acquired a new position in Marvell Technology in the fourth quarter valued at $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the fourth quarter valued at $802,410,000. Nuveen Asset Management LLC increased its stake in 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 purchasing an additional 6,543,132 shares during the period. Nuveen LLC acquired a new position in Marvell Technology in the first quarter valued at $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in 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 purchasing an additional 5,050,159 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.