Jefferies Financial Group Begins Coverage on Marvell Technology (NASDAQ:MRVL)

Equities research analysts at Jefferies Financial Group assumed coverage on shares of Marvell Technology (NASDAQ:MRVL - Get Free Report) in a research report issued on Monday, MarketBeat reports. The brokerage set a "buy" rating and a $85.00 price target on the semiconductor company's stock. Jefferies Financial Group's price target would suggest a potential upside of 23.15% from the stock's previous close.

Several other research firms also recently weighed in on MRVL. Barclays increased their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an "overweight" rating in a research report on Tuesday, January 16th. Evercore ISI began coverage on Marvell Technology in a research note on Tuesday, April 16th. They set an "outperform" rating and a $88.00 price target for the company. Citigroup restated a "buy" rating and set a $91.00 price target on shares of Marvell Technology in a research note on Wednesday, March 27th. Cantor Fitzgerald restated an "overweight" rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Oppenheimer restated an "outperform" rating and set a $80.00 price target (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Two research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $81.28.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded up $0.55 on Monday, hitting $69.02. The company had a trading volume of 5,260,463 shares, compared to its average volume of 13,426,348. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology has a 52-week low of $40.19 and a 52-week high of $85.76. The business has a 50 day moving average of $69.41 and a 200 day moving average of $64.04. The company has a market cap of $59.73 billion, a PE ratio of -63.91, a PEG ratio of 5.01 and a beta of 1.48.

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

Marvell Technology declared that its board has initiated a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares of the company's stock, valued at approximately $7,107,958.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 5,000 shares of the business's stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,473,805 in the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 141 shares during the period. SJS Investment Consulting Inc. raised its position in shares of Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock worth $26,000 after purchasing an additional 155 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter worth $31,000. Buck Wealth Strategies LLC raised its position in shares of Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company's stock worth $25,000 after purchasing an additional 425 shares during the period. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology during the first quarter worth $35,000. 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.