Evercore ISI Begins Coverage on Marvell Technology (NASDAQ:MRVL)

Equities researchers at Evercore ISI assumed coverage on shares of Marvell Technology (NASDAQ:MRVL - Get Free Report) in a research report issued on Tuesday, Marketbeat.com reports. The brokerage set an "outperform" rating and a $88.00 price target on the semiconductor company's stock. Evercore ISI's target price points to a potential upside of 28.88% from the stock's previous close.

Several other equities analysts have also commented on the company. Oppenheimer reaffirmed an "outperform" rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. B. Riley reiterated a "buy" rating and set a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Stifel Nicolaus restated a "buy" rating and issued a $86.00 price objective on shares of Marvell Technology in a report on Friday. Citigroup reaffirmed a "buy" rating and set a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. Finally, Barclays upped their price target on Marvell Technology from $70.00 to $75.00 and gave the stock an "overweight" rating in a research note on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $81.13.

Marvell Technology Trading Up 0.6 %

Marvell Technology stock traded up $0.40 during midday trading on Tuesday, hitting $68.28. 8,632,113 shares of the stock were exchanged, compared to its average volume of 14,304,679. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock's 50-day simple moving average is $70.43 and its 200 day simple moving average is $62.09. Marvell Technology has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The stock has a market capitalization of $59.13 billion, a price-to-earnings ratio of -63.22, a PEG ratio of 5.13 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same quarter in the prior year, the company posted $0.34 EPS. The business's revenue for the quarter was up .6% on a year-over-year basis. On average, equities analysts anticipate that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology declared that its Board of Directors has approved a share repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company's stock, valued at approximately $7,291,999. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm's stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares of the company's stock, valued at approximately $7,291,999. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the completion of the transaction, the chief executive officer now directly owns 732,929 shares of the company's stock, valued at $48,497,911.93. The disclosure for this sale can be found here. Insiders have sold 73,000 shares of company stock valued at $4,894,790 over the last quarter. 0.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently modified their holdings of MRVL. Buck Wealth Strategies LLC boosted its holdings in shares of Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company's stock valued at $25,000 after buying an additional 425 shares in the last quarter. SRS Capital Advisors Inc. boosted its holdings in shares of Marvell Technology by 216.2% in the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company's stock valued at $25,000 after buying an additional 281 shares in the last quarter. SJS Investment Consulting Inc. boosted its holdings in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock valued at $26,000 after buying an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock valued at $28,000 after buying an additional 141 shares in the last quarter. Finally, Resurgent Financial Advisors LLC acquired a new position in shares of Marvell Technology in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 83.51% of the company's stock.

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.