Marvell Technology (NASDAQ:MRVL) PT Raised to $87.00 at The Goldman Sachs Group

Marvell Technology (NASDAQ:MRVL) had its price target raised by investment analysts at The Goldman Sachs Group from $77.00 to $87.00 in a research note issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price suggests a potential upside of 18.63% from the stock’s current price.

Several other research analysts have also commented on MRVL. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday. Jefferies Financial Group assumed coverage on shares of Marvell Technology in a research report on Monday, May 13th. They issued a “buy” rating and a $85.00 price target on the stock. B. Riley increased their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Thursday, August 22nd. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.45.

Marvell Technology Stock Up 5.0 %

NASDAQ:MRVL traded up $3.50 during mid-day trading on Friday, hitting $73.34. The company had a trading volume of 12,412,709 shares, compared to its average volume of 12,461,162. The business has a fifty day simple moving average of $67.86 and a 200-day simple moving average of $69.42. The firm has a market capitalization of $63.48 billion, a price-to-earnings ratio of -64.90, a PEG ratio of 2.99 and a beta of 1.47. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business’s revenue was down 5.1% on a year-over-year basis. During the same period last year, the business earned $0.18 EPS. Equities analysts forecast that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Insider Transactions at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the sale, the insider now owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the sale, the insider now owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. In the last three months, insiders sold 65,500 shares of company stock valued at $4,872,620. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Bruce G. Allen Investments LLC raised its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology in the 1st quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology during the 2nd quarter worth $32,000. Quarry LP bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.