Evercore ISI Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $133.00

Marvell Technology (NASDAQ:MRVL) had its price objective lowered by analysts at Evercore ISI from $135.00 to $133.00 in a research report issued on Friday,Benzinga reports. The brokerage currently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price target would indicate a potential upside of 124.36% from the company’s current price.

Several other equities research analysts have also commented on the company. UBS Group decreased their price target on Marvell Technology from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. Redburn Atlantic started coverage on Marvell Technology in a research report on Wednesday. They set a “neutral” rating and a $67.00 price objective for the company. KeyCorp cut their price objective on Marvell Technology from $115.00 to $90.00 and set an “overweight” rating for the company in a research report on Friday. Stifel Nicolaus cut their price objective on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. Finally, Rosenblatt Securities restated a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Friday. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $94.21.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $59.28 on Friday. The business’s 50 day simple moving average is $58.72 and its 200-day simple moving average is $86.84. The firm has a market capitalization of $51.21 billion, a price-to-earnings ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. 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 has a 12 month low of $47.09 and a 12 month high of $127.48.

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

Insider Buying and Selling

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 stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares in the company, valued at approximately $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Marvell Technology in the 4th quarter valued at about $234,000. Prudent Investors Network Inc. purchased a new position in Marvell Technology in the 4th quarter valued at about $248,000. Hudock Inc. purchased a new position in Marvell Technology in the 4th quarter valued at about $265,000. Everhart Financial Group Inc. purchased a new position in Marvell Technology in the 4th quarter valued at about $437,000. Finally, SYM FINANCIAL Corp purchased a new position in Marvell Technology in the 4th quarter valued at about $263,000. 83.51% of the stock is 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.