Benchmark Reaffirms “Buy” Rating for Marvell Technology (NASDAQ:MRVL)

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating reiterated by equities research analysts at Benchmark in a report released on Friday,Benzinga reports. They currently have a $95.00 target price on the semiconductor company’s stock. Benchmark’s price target would suggest a potential upside of 49.07% from the stock’s previous close.

A number of other research firms also recently weighed in on MRVL. Bank of America dropped their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Barclays decreased their price target on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Raymond James set a $110.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. UBS Group decreased their target price on shares of Marvell Technology from $110.00 to $100.00 and set a “buy” rating on the stock in a research report on Monday, May 19th. Finally, Susquehanna lowered their price target on shares of Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a research note on Tuesday. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $98.32.

Marvell Technology Stock Performance

Marvell Technology stock opened at $63.73 on Friday. Marvell Technology has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a market cap of $55.05 billion, a P/E ratio of -37.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The firm’s fifty day moving average price is $58.96 and its 200-day moving average price is $87.09.

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

Insider Buying and Selling at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares of the company’s stock, valued at approximately $2,138,125. The trade was a 4.40% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Mark Casper sold 626 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the transaction, the executive vice president now directly owns 626 shares of the company’s stock, valued at approximately $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 33,541 shares of company stock valued at $2,079,948. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Vanguard Group Inc. grew its stake in Marvell Technology by 1.9% in the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after buying an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. boosted its holdings in shares of Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after buying an additional 423,892 shares in the last quarter. Invesco Ltd. grew its position in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares during the period. Finally, Janus Henderson Group PLC increased its stake in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.