Marvell Technology (NASDAQ:MRVL) was upgraded by equities research analysts at Cowen from a “market perform” rating to an “outperform” rating in a research note issued on Friday, Analyst Ratings Network reports. The brokerage currently has a $100.00 price target on the semiconductor company’s stock, up from their previous price target of $66.00. Cowen’s target price points to a potential upside of 19.63% from the stock’s previous close.
MRVL has been the subject of a number of other reports. B. Riley upped their price target on shares of Marvell Technology from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Monday, November 29th. Morgan Stanley upped their target price on shares of Marvell Technology from $61.00 to $63.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 7th. Oppenheimer upped their target price on shares of Marvell Technology from $100.00 to $110.00 and gave the stock an “outperform” rating in a research report on Friday. Barclays upped their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, August 27th. Finally, Piper Sandler upped their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock an “overweight” rating in a research report on Friday, August 27th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus target price of $93.28.
MRVL opened at $83.59 on Friday. The firm has a market cap of $68.84 billion, a P/E ratio of -157.71, a PEG ratio of 3.56 and a beta of 1.07. Marvell Technology has a 1-year low of $37.92 and a 1-year high of $88.49. The company has a 50 day simple moving average of $68.69 and a two-hundred day simple moving average of $61.12.
Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Wednesday, December 1st. The semiconductor company reported $0.43 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.38 by $0.05. The business had revenue of $1.21 billion during the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a negative net margin of 10.48% and a positive return on equity of 8.26%. The company’s revenue was up 61.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 earnings per share. Equities research analysts expect that Marvell Technology will post 0.92 EPS for the current year.
In related news, insider Muhammad Raghib Hussain sold 100,000 shares of the firm’s stock in a transaction dated Tuesday, November 30th. The shares were sold at an average price of $74.73, for a total value of $7,473,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Michael G. Strachan sold 5,000 shares of the firm’s stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $61.86, for a total transaction of $309,300.00. The disclosure for this sale can be found here. Insiders sold a total of 370,829 shares of company stock worth $26,737,256 in the last ninety days. 0.29% of the stock is currently owned by insiders.
A number of institutional investors have recently modified their holdings of MRVL. Clearview Wealth Advisors LLC bought a new position in Marvell Technology during the 2nd quarter worth about $27,000. HM Payson & Co. boosted its holdings in shares of Marvell Technology by 52.5% in the 3rd quarter. HM Payson & Co. now owns 453 shares of the semiconductor company’s stock valued at $27,000 after buying an additional 156 shares in the last quarter. Deseret Mutual Benefit Administrators bought a new stake in shares of Marvell Technology in the 2nd quarter valued at about $28,000. Delta Asset Management LLC TN bought a new stake in shares of Marvell Technology in the 2nd quarter valued at about $29,000. Finally, Global Wealth Management Investment Advisory Inc. boosted its holdings in shares of Marvell Technology by 400.0% in the 2nd quarter. Global Wealth Management Investment Advisory Inc. now owns 500 shares of the semiconductor company’s stock valued at $29,000 after buying an additional 400 shares in the last quarter. Institutional investors own 84.32% of the company’s stock.
Marvell Technology Company Profile
Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.
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