Wells Fargo & Company Raises Marvell Technology (NASDAQ:MRVL) Price Target to $110.00

Marvell Technology (NASDAQ:MRVL) had its price objective increased by stock analysts at Wells Fargo & Company from $90.00 to $110.00 in a report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 19.25% from the stock’s current price.

A number of other equities analysts also recently issued reports on MRVL. Piper Sandler reiterated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Friday. Bank of America boosted their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research note on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $93.43.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $92.24 on Tuesday. Marvell Technology has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The company’s 50 day moving average price is $80.67 and its two-hundred day moving average price is $73.59. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm has a market capitalization of $81.74 billion, a P/E ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44.

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

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds have recently bought and sold shares of the company. True Wealth Design LLC boosted its position in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. Quarry LP bought a new stake in Marvell Technology in the second quarter worth $32,000. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology in the 2nd quarter valued at about $32,000. Whittier Trust Co. lifted its stake in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in Marvell Technology in the third quarter worth $37,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.