Cowen Trims Marvell Technology (NASDAQ:MRVL) Target Price to $85.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective reduced by analysts at Cowen from $100.00 to $85.00 in a research note issued to investors on Friday, Stock Target Advisor reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Cowen’s price target would suggest a potential upside of 42.67% from the stock’s current price.

Other equities research analysts also recently issued reports about the company. Raymond James raised Marvell Technology from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a research note on Monday, April 25th. Rosenblatt Securities increased their price objective on Marvell Technology from $120.00 to $125.00 and gave the company a “buy” rating in a report on Friday, March 4th. Oppenheimer lowered their target price on Marvell Technology from $110.00 to $90.00 and set an “outperform” rating on the stock in a report on Friday, May 20th. Wells Fargo & Company dropped their price target on Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating on the stock in a research report on Friday, March 4th. Finally, UBS Group lowered their price objective on Marvell Technology from $95.00 to $80.00 and set a “buy” rating on the stock in a research report on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Buy” and a consensus target price of $87.64.

Shares of NASDAQ:MRVL traded up $2.59 on Friday, hitting $59.58. The company’s stock had a trading volume of 730,703 shares, compared to its average volume of 11,124,226. Marvell Technology has a 12 month low of $46.77 and a 12 month high of $93.85. The company has a market capitalization of $50.68 billion, a price-to-earnings ratio of -110.70, a price-to-earnings-growth ratio of 1.80 and a beta of 1.27. The stock’s 50-day moving average is $62.13 and its two-hundred day moving average is $70.97. The company has a debt-to-equity ratio of 0.29, a quick ratio of 1.28 and a current ratio of 1.80.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its quarterly earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter in the prior year, the business posted $0.15 earnings per share. The company’s revenue for the quarter was up 73.8% compared to the same quarter last year. Equities analysts expect that Marvell Technology will post 1.73 earnings per share for the current fiscal year.

In related news, EVP Dan Christman sold 4,810 shares of the business’s stock in a transaction dated Monday, May 16th. The stock was sold at an average price of $57.28, for a total value of $275,516.80. Following the completion of the sale, the executive vice president now directly owns 108,393 shares of the company’s stock, valued at approximately $6,208,751.04. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Ford Tamer sold 48,051 shares of the business’s stock in a transaction dated Tuesday, April 5th. The shares were sold at an average price of $71.61, for a total value of $3,440,932.11. Following the completion of the sale, the director now directly owns 331,083 shares of the company’s stock, valued at $23,708,853.63. The disclosure for this sale can be found here. In the last three months, insiders have sold 208,610 shares of company stock worth $13,591,746. 0.45% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. increased its holdings in Marvell Technology by 3.4% during the 4th quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock worth $6,190,323,000 after purchasing an additional 2,305,751 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Marvell Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 64,581,244 shares of the semiconductor company’s stock valued at $4,631,120,000 after acquiring an additional 1,847,159 shares in the last quarter. Wellington Management Group LLP grew its holdings in shares of Marvell Technology by 15.7% in the third quarter. Wellington Management Group LLP now owns 45,843,799 shares of the semiconductor company’s stock valued at $2,764,839,000 after acquiring an additional 6,222,814 shares in the last quarter. State Street Corp grew its holdings in shares of Marvell Technology by 0.9% in the first quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock valued at $1,336,123,000 after acquiring an additional 174,753 shares in the last quarter. Finally, Brown Advisory Inc. grew its holdings in shares of Marvell Technology by 20.7% in the fourth quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock valued at $1,115,193,000 after acquiring an additional 2,188,891 shares in the last quarter. 83.11% of the stock is owned by hedge funds and other institutional investors.

About Marvell Technology (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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