Rosenblatt Securities Reaffirms "Buy" Rating for Marvell Technology (NASDAQ:MRVL)

Marvell Technology (NASDAQ:MRVL - Get Free Report)'s stock had its "buy" rating reaffirmed by research analysts at Rosenblatt Securities in a research report issued to clients and investors on Wednesday,Benzinga reports. They currently have a $124.00 price objective on the semiconductor company's stock. Rosenblatt Securities' price objective suggests a potential upside of 77.17% from the stock's current price.

Other research analysts have also recently issued reports about the company. B. Riley lowered their target price on Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a research note on Monday, May 19th. Susquehanna decreased their price objective on Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Roth Capital set a $100.00 price objective on Marvell Technology in a research report on Thursday, March 6th. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Finally, Bank of America decreased their price target on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Price Performance

Shares of MRVL opened at $69.99 on Wednesday. Marvell Technology has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The firm's 50 day moving average price is $60.89 and its 200 day moving average price is $84.87. The company has a market cap of $60.46 billion, a P/E ratio of -122.79, a PEG ratio of 0.77 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate 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 business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the firm posted $0.24 earnings per share. The company's quarterly revenue was up 63.3% compared to the same quarter last year. On average, research analysts forecast that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer now owns 92,065 shares in the company, valued at $5,993,431.50. The trade was a 6.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 626 shares of the company's stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Inspire Investing LLC raised its stake in shares of Marvell Technology by 114.1% during the first quarter. Inspire Investing LLC now owns 5,016 shares of the semiconductor company's stock worth $309,000 after purchasing an additional 2,673 shares during the last quarter. Vista Cima Wealth Management LLC purchased a new position in Marvell Technology in the 1st quarter valued at $345,000. Silicon Valley Capital Partners increased its stake in Marvell Technology by 1.7% in the 1st quarter. Silicon Valley Capital Partners now owns 33,571 shares of the semiconductor company's stock valued at $2,083,000 after buying an additional 569 shares during the period. Strs Ohio purchased a new position in Marvell Technology during the 1st quarter worth $16,366,000. Finally, Addison Capital Co raised its position in Marvell Technology by 29.5% during the 1st quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company's stock worth $340,000 after buying an additional 1,257 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other 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.

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