Marvell Technology (NASDAQ:MRVL) Given New $90.00 Price Target at Bank of America

Marvell Technology (NASDAQ:MRVL) had its target price hoisted by Bank of America from $85.00 to $90.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. Bank of America‘s target price points to a potential upside of 17.89% from the company’s current price.

Several other brokerages have also recently issued reports on MRVL. KeyCorp raised their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. Oppenheimer restated an “outperform” rating and issued a $90.00 target price (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Morgan Stanley raised their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday. Finally, B. Riley lifted their price target 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. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $90.67.

Marvell Technology Trading Up 9.3 %

Shares of Marvell Technology stock traded up $6.50 during trading on Friday, reaching $76.34. 19,475,655 shares of the stock were exchanged, compared to its average volume of 12,499,419. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. The stock’s fifty day moving average is $67.86 and its 200 day moving average is $69.42. The firm has a market cap of $66.08 billion, a price-to-earnings ratio of -67.59, a price-to-earnings-growth 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.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company 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%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, equities research analysts expect that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the transaction, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the transaction, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,500 shares of company stock worth $4,872,620. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds have recently made changes to their positions in the business. Yousif Capital Management LLC increased its stake in Marvell Technology by 2.4% during the fourth quarter. Yousif Capital Management LLC now owns 13,306 shares of the semiconductor company’s stock worth $802,000 after acquiring an additional 311 shares during the last quarter. Retirement Systems of Alabama bought a new stake in Marvell Technology in the fourth quarter worth $4,885,000. Brighton Jones LLC purchased a new position in Marvell Technology during the fourth quarter worth $587,000. New York Life Investment Management LLC increased its position in Marvell Technology by 1.1% during the fourth quarter. New York Life Investment Management LLC now owns 15,862 shares of the semiconductor company’s stock valued at $957,000 after acquiring an additional 171 shares during the last quarter. Finally, First Trust Direct Indexing L.P. raised its stake in shares of Marvell Technology by 36.5% in the fourth quarter. First Trust Direct Indexing L.P. now owns 7,074 shares of the semiconductor company’s stock valued at $427,000 after acquiring an additional 1,890 shares during the period. 83.51% of the stock is currently owned by hedge funds and other 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.