Evercore ISI Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its target price raised by investment analysts at Evercore ISI from $98.00 to $122.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price target would indicate a potential upside of 31.62% from the stock’s current price.

Other research analysts have also recently issued research reports about the company. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Roth Mkm reissued a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Citigroup restated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. The Goldman Sachs Group boosted their price target on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Wells Fargo & Company raised their price objective on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 26th. Three investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $96.43.

Marvell Technology Stock Up 2.9 %

Shares of MRVL opened at $92.69 on Monday. The firm has a market cap of $82.14 billion, a P/E ratio of -83.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $95.55. The firm’s 50-day simple moving average is $82.50 and its 200 day simple moving average is $74.40.

Marvell Technology (NASDAQ:MRVL) last announced 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 for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. On average, analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Insiders Place Their Bets

In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The trade was a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Hedge funds have recently modified their holdings of the stock. Ameriprise Financial Inc. increased its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Swedbank AB boosted its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares in the last quarter. Temasek Holdings Private Ltd grew its stake in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after acquiring an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new stake in shares of Marvell Technology during the third quarter valued at approximately $120,116,000. Finally, Van ECK Associates Corp raised its position in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the period. Institutional investors own 83.51% of the company’s stock.

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.