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Marvell Technology (NASDAQ:MRVL – Get Rating) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.
Several other equities research analysts have also weighed in on the stock. Barclays lowered their target price on shares of Marvell Technology from $90.00 to $80.00 and set an “overweight” rating on the stock in a report on Monday, April 25th. TheStreet lowered shares of Marvell Technology from a “b-” rating to a “c” rating in a report on Friday, March 4th. Wells Fargo & Company decreased their price objective on shares of Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. Raymond James reissued a “buy” rating and set a $80.00 price objective on shares of Marvell Technology in a report on Friday. Finally, Bank of America decreased their price objective on shares of Marvell Technology from $100.00 to $90.00 and set a “buy” rating on the stock in a report on Friday. Five analysts have rated the stock with a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $87.00.
Shares of MRVL traded up $3.83 during trading hours on Monday, hitting $60.82. The stock had a trading volume of 1,527,862 shares, compared to its average volume of 11,234,980. The company’s fifty day moving average is $61.72 and its two-hundred day moving average is $70.78. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.80 and a quick ratio of 1.28. Marvell Technology has a 52 week low of $46.77 and a 52 week high of $93.85. The stock has a market capitalization of $51.74 billion, a price-to-earnings ratio of -99.70, a P/E/G ratio of 2.01 and a beta of 1.27.
Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. Marvell Technology had a negative net margin of 9.82% and a positive return on equity of 6.93%. The business had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the firm earned $0.15 EPS. The firm’s quarterly revenue was up 73.8% compared to the same quarter last year. Equities analysts predict that Marvell Technology will post 1.73 EPS for the current fiscal year.
In other Marvell Technology news, EVP Dan Christman sold 4,810 shares of the firm’s stock in a transaction that occurred on Monday, May 16th. The shares were sold at an average price of $57.28, for a total transaction of $275,516.80. Following the sale, the executive vice president now directly owns 108,393 shares in the company, valued at approximately $6,208,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Loi Nguyen sold 9,778 shares of the firm’s stock in a transaction that occurred on Wednesday, March 2nd. The stock was sold at an average price of $66.07, for a total transaction of $646,032.46. The disclosure for this sale can be found here. Insiders have sold a total of 208,610 shares of company stock worth $13,591,746 over the last 90 days. Corporate insiders own 0.45% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. SkyView Investment Advisors LLC bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $26,000. Pittenger & Anderson Inc. bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $27,000. Covestor Ltd bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $28,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Marvell Technology during the 4th quarter worth approximately $32,000. Finally, MUFG Americas Holdings Corp grew its stake in shares of Marvell Technology by 90.2% during the 1st 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. 83.11% of the stock is owned by institutional investors.
About Marvell Technology (Get Rating)
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.
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