Marvell Technology (NASDAQ:MRVL) Earns Buy Rating from Benchmark

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a note issued to investors on Wednesday,Benzinga reports. They currently have a $95.00 price target on the semiconductor company’s stock. Benchmark’s target price indicates a potential upside of 26.75% from the stock’s previous close.

MRVL has been the subject of several other research reports. Bank of America cut their price target on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Citigroup cut their price target on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. China Renaissance started coverage on Marvell Technology in a research note on Thursday, June 5th. They issued a “buy” rating and a $110.00 price target for the company. Cantor Fitzgerald restated a “neutral” rating and issued a $60.00 price target on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Stifel Nicolaus cut their price target on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $96.33.

Marvell Technology Stock Up 7.1%

Marvell Technology stock opened at $74.95 on Wednesday. The business has a fifty day moving average price of $61.61 and a 200-day moving average price of $84.65. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The stock has a market capitalization of $64.74 billion, a price-to-earnings ratio of -131.49, a PEG ratio of 0.81 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL) last issued 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 during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company’s revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.24 EPS. Equities research analysts forecast that Marvell Technology will post 0.91 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer now directly owns 121,348 shares in the company, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the company’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer now owns 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

A number of large investors have recently modified their holdings of MRVL. Norges Bank purchased a new stake in shares of Marvell Technology during the fourth quarter worth $1,138,354,000. GQG Partners LLC purchased a new stake in shares of Marvell Technology during the fourth quarter worth $802,410,000. Nuveen Asset Management LLC increased its position in shares of Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares during the period. Nuveen LLC purchased a new stake in shares of Marvell Technology during the first quarter worth $399,587,000. Finally, Goldman Sachs Group Inc. increased its position in shares of Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Hedge funds and other 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.