Marvell Technology (NASDAQ:MRVL) Now Covered by China Renaissance

China Renaissance initiated coverage on shares of Marvell Technology (NASDAQ:MRVL) in a report released on Thursday. The brokerage set a “buy” rating on the semiconductor company’s stock.

Several other research analysts have also recently issued reports on MRVL. UBS Group restated a “buy” rating on shares of Marvell Technology in a report on Monday. Citigroup dropped their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Benchmark reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, May 30th. TD Cowen raised their price target on Marvell Technology from $60.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, May 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $85.00 price target (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $94.21.

Marvell Technology Stock Up 6.3%

Shares of NASDAQ MRVL opened at $66.30 on Thursday. The business has a 50-day moving average of $58.64 and a two-hundred day moving average of $86.32. The company has a market capitalization of $57.27 billion, a price-to-earnings ratio of -39.00, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm’s revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.24 earnings per share. On average, analysts forecast that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss purchased 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This represents a 3.57% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the transaction, the chief operating officer now owns 81,931 shares of the company’s stock, valued at $5,639,310.73. The trade was a 6.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,541 shares of company stock worth $2,079,948. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors have recently bought and sold shares of the company. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter valued at about $27,000. Lee Danner & Bass Inc. purchased a new position in Marvell Technology during the 4th quarter valued at about $35,000. Capital Analysts LLC grew its position in shares of Marvell Technology by 236.3% in the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock valued at $38,000 after purchasing an additional 241 shares during the last quarter. Finally, GHP Investment Advisors Inc. increased its stake in shares of Marvell Technology by 48.3% during the 4th quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 112 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.