Melius Research Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price target boosted by equities research analysts at Melius Research from $67.00 to $76.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "hold" rating on the semiconductor company's stock. Melius Research's price target points to a potential upside of 0.05% from the stock's current price.

A number of other equities research analysts also recently issued reports on the stock. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. Barclays cut their price objective on Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Raymond James Financial restated an "outperform" rating and issued a $90.00 price target (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Redburn Atlantic began coverage on Marvell Technology in a research report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 price objective on the stock. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus price target of $95.83.

Marvell Technology Stock Up 8.5%

Shares of NASDAQ:MRVL traded up $5.97 during trading on Wednesday, reaching $75.96. 22,216,638 shares of the stock traded hands, compared to its average volume of 14,888,737. The stock has a market cap of $65.62 billion, a P/E ratio of -134.27, a price-to-earnings-growth ratio of 0.77 and a beta of 1.76. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The stock has a 50-day moving average of $60.89 and a two-hundred day moving average of $84.87.

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

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer now directly owns 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction that occurred on Wednesday, April 23rd. The stock was 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. In the last three months, insiders sold 27,394 shares of company stock valued at $1,656,076. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the company. Norges Bank purchased a new position in shares of Marvell Technology during the fourth quarter worth $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the 4th quarter worth about $802,410,000. Nuveen Asset Management LLC lifted its position in shares of Marvell Technology by 232.2% during the 4th 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 in the last quarter. Nuveen LLC purchased a new position in Marvell Technology during the first quarter valued at $399,587,000. Finally, Goldman Sachs Group Inc. lifted its stake in Marvell Technology by 32.3% in the 1st 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 in the last quarter. Institutional investors and hedge funds 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.