Evercore ISI Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its target price lifted by equities research analysts at Evercore ISI from $98.00 to $122.00 in a research note issued on Monday,Benzinga reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price target indicates a potential upside of 31.62% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Barclays raised their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, August 30th. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Benchmark boosted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $96.43.

Marvell Technology Trading Up 2.9 %

MRVL opened at $92.69 on Monday. Marvell Technology has a 1-year low of $50.35 and a 1-year high of $95.55. The firm has a 50-day moving average price of $82.50 and a two-hundred day moving average price of $74.40. The stock has a market capitalization of $82.14 billion, a PE ratio of -83.50, a PEG ratio of 4.03 and a beta of 1.44. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 EPS. As a group, equities analysts anticipate that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MRVL. Davidson Kempner Capital Management LP raised its stake in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares in the last quarter. Braun Stacey Associates Inc. acquired a new position in Marvell Technology during the third quarter worth $16,435,000. Charles Schwab Investment Management Inc. raised its position in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares in the last quarter. Diversified Trust Co acquired a new stake in Marvell Technology in the second quarter valued at $932,000. Finally, Silicon Valley Capital Partners grew its position in shares of Marvell Technology by 254.6% in the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after acquiring an additional 23,678 shares during the period. 83.51% of the stock is currently owned by institutional investors.

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.