Marvell Technology (NASDAQ:MRVL) Given New $80.00 Price Target at Oppenheimer
Marvell Technology (NASDAQ:MRVL - Get Rating) had its target price lowered by Oppenheimer from $90.00 to $80.00 in a note issued to investors on Monday, The Fly reports. Oppenheimer's price objective indicates a potential upside of 86.13% from the stock's previous close.
A number of other analysts have also recently issued reports on MRVL. Bank of America raised their target price on shares of Marvell Technology from $60.00 to $65.00 in a research note on Sunday, August 28th. The Goldman Sachs Group boosted their price objective on Marvell Technology from $55.00 to $62.00 and gave the stock a "buy" rating in a report on Friday, August 26th. KeyCorp dropped their price objective on shares of Marvell Technology from $90.00 to $75.00 and set an "overweight" rating for the company in a research note on Friday, August 26th. Citigroup dropped their price objective on Marvell Technology from $74.00 to $71.00 and set a "buy" rating for the company in a report on Tuesday, October 11th. Finally, Credit Suisse Group began coverage on shares of Marvell Technology in a report on Tuesday, November 15th. They set an "outperform" rating and a $56.00 price target for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and twenty-eight have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $75.89.
Marvell Technology Price Performance
NASDAQ:MRVL opened at $42.98 on Monday. Marvell Technology has a 12-month low of $35.30 and a 12-month high of $93.85. The firm has a market capitalization of $36.64 billion, a price-to-earnings ratio of -165.31, a P/E/G ratio of 1.90 and a beta of 1.39. The stock's 50 day moving average price is $41.66 and its two-hundred day moving average price is $47.93. The company has a quick ratio of 0.93, a current ratio of 1.35 and a debt-to-equity ratio of 0.25.
Marvell Technology (NASDAQ:MRVL - Get Rating) last posted its quarterly earnings results on Thursday, August 25th. The semiconductor company reported $0.57 earnings per share for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. The business had revenue of $1.52 billion for the quarter, compared to analysts' expectations of $1.52 billion. During the same quarter in the prior year, the business earned $0.21 EPS. The firm's revenue for the quarter was up 41.0% on a year-over-year basis. On average, analysts anticipate that Marvell Technology will post 1.66 earnings per share for the current year.
Insider Buying and Selling
In other Marvell Technology news, EVP Nariman Yousefi sold 10,000 shares of the stock in a transaction on Monday, October 3rd. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the transaction, the executive vice president now directly owns 274,144 shares of the company's stock, valued at $12,336,480. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Mitchell Gaynor sold 5,000 shares of Marvell Technology stock in a transaction dated Saturday, October 15th. The shares were sold at an average price of $39.61, for a total value of $198,050.00. Following the completion of the transaction, the executive vice president now owns 103,429 shares in the company, valued at $4,096,822.69. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Nariman Yousefi sold 10,000 shares of the business's stock in a transaction that occurred on Monday, October 3rd. The shares were sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the sale, the executive vice president now directly owns 274,144 shares in the company, valued at approximately $12,336,480. The disclosure for this sale can be found here. In the last quarter, insiders have sold 20,000 shares of company stock valued at $886,800. 0.45% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently bought and sold shares of the business. MUFG Americas Holdings Corp lifted its position in shares of Marvell Technology by 90.2% during the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 175 shares in the last quarter. Guardian Wealth Advisors LLC bought a new stake in shares of Marvell Technology during the 3rd quarter valued at $26,000. Canton Hathaway LLC bought a new stake in shares of Marvell Technology during the 2nd quarter valued at $28,000. Arlington Partners LLC purchased a new stake in Marvell Technology during the 2nd quarter worth about $29,000. Finally, Deseret Mutual Benefit Administrators boosted its stake in Marvell Technology by 140.3% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 668 shares of the semiconductor company's stock worth $29,000 after purchasing an additional 390 shares during the period. 80.95% of the stock is owned by institutional investors.
About Marvell Technology
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
Read More
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Marvell Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Marvell Technology wasn't on the list.
While Marvell Technology currently has a "Moderate Buy" rating among analysts, top-rated analysts believe these five stocks are better buys.
Gloss