Raymond James Reaffirms Outperform Rating for Marvell Technology (NASDAQ:MRVL)

Marvell Technology (NASDAQ:MRVL - Get Free Report)'s stock had its "outperform" rating reiterated by Raymond James in a note issued to investors on Friday,Benzinga reports. They presently have a $90.00 price target on the semiconductor company's stock, down from their previous price target of $110.00. Raymond James' price objective suggests a potential upside of 51.82% from the stock's previous close.

A number of other equities research analysts have also recently weighed in on MRVL. William Blair raised shares of Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. Citigroup reduced their price target on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wells Fargo & Company reduced their price objective on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Friday. Roth Capital set a $100.00 price objective on Marvell Technology in a research report on Thursday, March 6th. Finally, Susquehanna dropped their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research report on Tuesday. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $94.21.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $4.45 during midday trading on Friday, reaching $59.28. The company had a trading volume of 48,266,075 shares, compared to its average volume of 14,540,546. The business's 50-day simple moving average is $58.72 and its 200 day simple moving average is $86.86. The stock has a market cap of $51.21 billion, a P/E ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

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 (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business 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 27.49% and a positive return on equity of 4.59%. The company's revenue was up 63.3% compared to the same quarter last year. During the same period last year, the firm posted $0.24 earnings per share. On average, analysts forecast that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 626 shares of the company's stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares of the company's stock, valued at $38,248.60. This represents a 50.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,239 shares of the company's stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the sale, the chief accounting officer now owns 30,855 shares of the company's stock, valued at approximately $2,005,883.55. The trade was a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock valued at $2,079,948 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. PFG Investments LLC increased its holdings in Marvell Technology by 43.8% in the 4th quarter. PFG Investments LLC now owns 4,373 shares of the semiconductor company's stock worth $483,000 after purchasing an additional 1,332 shares in the last quarter. Union Bancaire Privee UBP SA acquired a new position in Marvell Technology in the 4th quarter worth about $16,699,000. Foundations Investment Advisors LLC acquired a new position in Marvell Technology in the 4th quarter worth about $339,000. Perigon Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter worth about $387,000. Finally, Robeco Institutional Asset Management B.V. increased its holdings in Marvell Technology by 118.1% in the 4th quarter. Robeco Institutional Asset Management B.V. now owns 309,669 shares of the semiconductor company's stock worth $34,203,000 after purchasing an additional 167,675 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.