Marvell Technology’s (MRVL) Buy Rating Reiterated at Rosenblatt Securities

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research note issued to investors on Wednesday,Benzinga reports. They currently have a $124.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ target price would suggest a potential upside of 65.44% from the company’s current price.

A number of other brokerages also recently issued reports on MRVL. Stifel Nicolaus decreased their price target on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, April 17th. Citigroup decreased their price target on shares of Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Bank of America reduced their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Wells Fargo & Company reduced their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Friday, May 30th. Finally, Raymond James Financial restated an “outperform” rating and set a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.33.

Marvell Technology Trading Up 7.1%

Shares of MRVL stock opened at $74.95 on Wednesday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The stock has a market capitalization of $64.74 billion, a P/E ratio of -131.49, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76. The company has a 50 day moving average price of $61.61 and a 200 day moving average price of $84.65. Marvell Technology has a fifty-two week low of $47.09 and a fifty-two week high of $127.48.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 company 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 earned $0.24 earnings per share. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. Equities research analysts predict that Marvell Technology will post 0.91 EPS for the current fiscal year.

Insider Buying and Selling

In related news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer now owns 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 27,394 shares of company stock valued at $1,656,076. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its holdings in Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock valued at $3,926,326,000 after purchasing an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after buying an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. lifted its stake in Marvell Technology by 2.2% in the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after buying an additional 423,892 shares in the last quarter. Invesco Ltd. raised its holdings in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after purchasing an additional 857,087 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

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.