Wells Fargo & Company Boosts Marvell Technology (NASDAQ:MRVL) Price Target to $65.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target upped by analysts at Wells Fargo & Company from $54.00 to $65.00 in a research note issued to investors on Friday, The Fly reports. Wells Fargo & Company‘s price objective indicates a potential upside of 31.39% from the company’s previous close.

Several other equities research analysts also recently commented on the stock. Piper Sandler lowered their price objective on shares of Marvell Technology from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 3rd. UBS Group lowered their price objective on shares of Marvell Technology from $75.00 to $60.00 in a research note on Friday, March 3rd. Needham & Company LLC reiterated a “buy” rating and set a $50.00 price objective on shares of Marvell Technology in a research note on Friday, March 3rd. Citigroup lowered their price objective on shares of Marvell Technology from $65.00 to $58.00 in a research note on Friday, March 3rd. Finally, StockNews.com started coverage on shares of Marvell Technology in a research report on Thursday, May 18th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.08.

Marvell Technology Price Performance

NASDAQ MRVL opened at $49.47 on Friday. The firm’s fifty day simple moving average is $41.16 and its two-hundred day simple moving average is $41.52. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. Marvell Technology has a 12-month low of $33.75 and a 12-month high of $61.50. The firm has a market capitalization of $42.50 billion, a P/E ratio of -260.37, a P/E/G ratio of 16.16 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period in the previous year, the company earned $0.37 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. Analysts forecast that Marvell Technology will post 0.85 EPS for the current fiscal year.

Insider Transactions at Marvell Technology

In other news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $45.00, for a total transaction of $270,000.00. Following the completion of the sale, the executive vice president now owns 12,879 shares of the company’s stock, valued at $579,555. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently modified their holdings of MRVL. Guardian Wealth Advisors LLC purchased a new stake in shares of Marvell Technology during the third quarter worth about $26,000. Barrett & Company Inc. purchased a new stake in Marvell Technology during the 1st quarter valued at about $26,000. MADDEN SECURITIES Corp purchased a new stake in Marvell Technology during the 4th quarter valued at about $27,000. Resurgent Financial Advisors LLC purchased a new stake in Marvell Technology during the 4th quarter valued at about $28,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in Marvell Technology during the 4th quarter valued at about $32,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.