Stifel Nicolaus Raises Marvell Technology (NASDAQ:MRVL) Price Target to $65.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its target price increased by investment analysts at Stifel Nicolaus from $56.00 to $65.00 in a research note issued on Friday, The Fly reports. Stifel Nicolaus’ price target points to a potential upside of 31.39% from the stock’s current price.

Several other research analysts have also weighed in on MRVL. Citigroup reduced their target price on Marvell Technology from $65.00 to $58.00 in a report on Friday, March 3rd. JPMorgan Chase & Co. reduced their target price on Marvell Technology from $72.00 to $60.00 and set an “overweight” rating on the stock in a report on Friday, March 3rd. The Goldman Sachs Group reduced their target price on Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. StockNews.com began coverage on Marvell Technology in a report on Thursday, May 18th. They set a “hold” rating on the stock. Finally, Needham & Company LLC restated a “buy” rating and issued a $50.00 price target on shares of Marvell Technology in a report on Friday, March 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $61.08.

Marvell Technology Stock Up 7.6 %

NASDAQ:MRVL opened at $49.47 on Friday. Marvell Technology has a 12-month low of $33.75 and a 12-month high of $61.50. The company has a quick ratio of 0.93, a current ratio of 1.37 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $42.50 billion, a P/E ratio of -260.37, a P/E/G ratio of 16.16 and a beta of 1.44. The stock’s fifty day simple moving average is $41.16 and its 200-day simple moving average is $41.52.

Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same period last year, the company earned $0.37 EPS. The firm’s revenue was down 8.7% on a year-over-year basis. Equities research analysts expect that Marvell Technology will post 0.85 earnings per share for the current year.

Insiders Place Their Bets

In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total transaction of $270,000.00. Following the transaction, the executive vice president now owns 12,879 shares of the company’s stock, valued at $579,555. The sale was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently bought and sold shares of the business. Quilter Plc acquired a new position in Marvell Technology during the first quarter worth approximately $248,250,000. Barrett & Company Inc. acquired a new position in Marvell Technology during the first quarter worth approximately $26,000. Guardian Wealth Advisors LLC acquired a new position in Marvell Technology during the third quarter worth approximately $26,000. KB Financial Partners LLC acquired a new position in Marvell Technology during the first quarter worth approximately $32,000. Finally, MADDEN SECURITIES Corp acquired a new position in Marvell Technology during the fourth quarter worth approximately $27,000. Institutional investors and hedge funds own 81.28% of the company’s stock.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.