Marvell Technology (NASDAQ:MRVL) Raised to “Buy” at Wall Street Zen

Marvell Technology (NASDAQ:MRVL) was upgraded by equities researchers at Wall Street Zen from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Saturday.

MRVL has been the topic of a number of other research reports. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. B. Riley reaffirmed a “buy” rating and issued a $115.00 price objective (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday. Rosenblatt Securities reaffirmed a “buy” rating and issued a $124.00 price objective on shares of Marvell Technology in a report on Wednesday. KeyCorp dropped their price objective on shares of Marvell Technology from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday, May 30th. Finally, Barclays dropped their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a report on Tuesday, April 22nd. Six analysts have rated the stock with a hold rating, twenty-five have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Down 1.9%

Shares of NASDAQ:MRVL opened at $73.51 on Friday. The stock has a market capitalization of $63.50 billion, a price-to-earnings ratio of -128.96, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The company’s fifty day moving average is $62.02 and its two-hundred day moving average is $84.50. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the prior year, the company earned $0.24 earnings per share. The firm’s revenue was up 63.3% compared to the same quarter last year. Equities analysts anticipate that Marvell Technology will post 0.91 EPS for the current year.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares of the company’s stock, valued at $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of hedge funds have recently made changes to their positions in MRVL. Union Bancaire Privee UBP SA purchased a new stake in shares of Marvell Technology in the fourth quarter worth approximately $16,699,000. Bank Pictet & Cie Europe AG lifted its position in shares of Marvell Technology by 0.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company’s stock worth $7,368,000 after purchasing an additional 460 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Marvell Technology by 385.7% in the fourth quarter. Principal Financial Group Inc. now owns 135,258 shares of the semiconductor company’s stock worth $14,939,000 after purchasing an additional 107,410 shares in the last quarter. Global Retirement Partners LLC lifted its position in shares of Marvell Technology by 13.3% in the fourth quarter. Global Retirement Partners LLC now owns 6,496 shares of the semiconductor company’s stock worth $718,000 after purchasing an additional 764 shares in the last quarter. Finally, Private Advisor Group LLC lifted its position in shares of Marvell Technology by 7.9% in the fourth quarter. Private Advisor Group LLC now owns 49,719 shares of the semiconductor company’s stock worth $5,491,000 after purchasing an additional 3,646 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.