Marvell Technology (NASDAQ:MRVL) Stock Rating Reaffirmed by Oppenheimer

Marvell Technology (NASDAQ:MRVL)‘s stock had its “outperform” rating reissued by research analysts at Oppenheimer in a report issued on Friday, Benzinga reports. They presently have a $70.00 target price on the semiconductor company’s stock. Oppenheimer’s price objective would indicate a potential upside of 30.84% from the company’s previous close.

Several other equities analysts have also weighed in on MRVL. Bank of America reduced their price target on shares of Marvell Technology from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Friday. JPMorgan Chase & Co. increased their target price on shares of Marvell Technology from $60.00 to $70.00 in a research report on Friday, May 26th. B. Riley increased their target price on shares of Marvell Technology from $75.00 to $77.00 and gave the stock a “buy” rating in a research report on Friday. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Tuesday, August 22nd. Finally, Wells Fargo & Company increased their target price on shares of Marvell Technology from $54.00 to $65.00 in a research report on Friday, May 26th. Two equities research analysts have rated the stock with a hold rating and twenty-two have assigned a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $66.56.

Marvell Technology Price Performance

MRVL opened at $53.50 on Friday. The firm has a market cap of $46.01 billion, a P/E ratio of -121.59, a PEG ratio of 11.17 and a beta of 1.40. The firm has a 50-day moving average of $61.08 and a 200 day moving average of $50.79. The company has a debt-to-equity ratio of 0.20, a quick ratio of 0.71 and a current ratio of 1.05. Marvell Technology has a fifty-two week low of $33.75 and a fifty-two week high of $67.99.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 24th. The semiconductor company reported $0.33 earnings per share for the quarter, beating the consensus estimate of $0.32 by $0.01. The company had revenue of $1.34 billion during the quarter, compared to analyst estimates of $1.33 billion. Marvell Technology had a negative net margin of 6.74% and a positive return on equity of 6.12%. The firm’s revenue for the quarter was down 11.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.41 earnings per share. On average, research analysts expect that Marvell Technology will post 0.86 EPS for the current year.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 2,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, August 15th. The shares were sold at an average price of $59.36, for a total transaction of $118,720.00. Following the transaction, the executive vice president now directly owns 136,737 shares of the company’s stock, valued at $8,116,708.32. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, insider Sandeep Bharathi sold 3,363 shares of Marvell Technology stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $62.48, for a total transaction of $210,120.24. Following the transaction, the insider now directly owns 92,289 shares of the company’s stock, valued at $5,766,216.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 2,000 shares of the firm’s stock in a transaction that occurred on Tuesday, August 15th. The stock was sold at an average price of $59.36, for a total transaction of $118,720.00. Following the completion of the transaction, the executive vice president now owns 136,737 shares in the company, valued at approximately $8,116,708.32. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 212,521 shares of company stock valued at $12,927,995. 0.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. FMR LLC grew its holdings in shares of Marvell Technology by 0.4% in the first quarter. FMR LLC now owns 128,532,727 shares of the semiconductor company’s stock worth $5,565,467,000 after purchasing an additional 555,578 shares during the last quarter. Moneta Group Investment Advisors LLC grew its holdings in shares of Marvell Technology by 118,898.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after purchasing an additional 62,400,056 shares during the last quarter. BlackRock Inc. boosted its holdings in Marvell Technology by 10.9% in the second quarter. BlackRock Inc. now owns 58,468,789 shares of the semiconductor company’s stock valued at $3,495,264,000 after acquiring an additional 5,739,560 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Marvell Technology by 123.6% in the first quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock valued at $1,819,025,000 after acquiring an additional 23,220,407 shares in the last quarter. Finally, Capital Research Global Investors boosted its holdings in Marvell Technology by 13,107.9% in the second quarter. Capital Research Global Investors now owns 32,634,677 shares of the semiconductor company’s stock valued at $1,950,859,000 after acquiring an additional 32,387,593 shares in the last quarter. Institutional investors own 86.04% 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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.