Marvell Technology’s (MRVL) “Buy” Rating Reaffirmed at Rosenblatt Securities

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating restated by stock analysts at Rosenblatt Securities in a research note issued to investors on Monday,Benzinga reports. They presently have a $95.00 price target on the semiconductor company’s stock. Rosenblatt Securities’ price target would indicate a potential upside of 6.46% from the company’s current price.

A number of other equities analysts have also weighed in on the stock. UBS Group boosted their price objective on shares of Marvell Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Zacks Research raised Marvell Technology from a “strong sell” rating to a “hold” rating in a report on Wednesday, September 24th. Benchmark restated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 29th. Deutsche Bank Aktiengesellschaft increased their price objective on Marvell Technology from $80.00 to $90.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Finally, Bank of America reissued a “neutral” rating and issued a $78.00 target price (down previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 29th. Three analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have given a Hold rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $94.41.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $89.24 on Monday. The company has a market capitalization of $76.93 billion, a price-to-earnings ratio of -686.44, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.44 and a current ratio of 1.88. Marvell Technology has a one year low of $47.08 and a one year high of $127.48. The company’s 50-day moving average is $86.07 and its 200 day moving average is $76.22.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.67. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The business had revenue of $2.01 billion during the quarter, compared to analysts’ expectations of $2.01 billion. During the same period in the previous year, the company earned $0.30 earnings per share. The business’s revenue for the quarter was up 57.6% compared to the same quarter last year. Sell-side analysts expect that Marvell Technology will post 0.91 EPS for the current fiscal year.

Marvell Technology announced that its Board of Directors has approved a share buyback plan on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 7.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Marvell Technology

In related news, CEO Matthew J. Murphy acquired 13,600 shares of Marvell Technology stock in a transaction dated Thursday, September 25th. The stock was purchased at an average cost of $77.09 per share, for a total transaction of $1,048,424.00. Following the purchase, the chief executive officer directly owned 268,637 shares of the company’s stock, valued at approximately $20,709,226.33. This trade represents a 5.33% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, COO Chris Koopmans bought 6,800 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The stock was bought at an average cost of $78.03 per share, for a total transaction of $530,604.00. Following the completion of the acquisition, the chief operating officer owned 104,825 shares in the company, valued at $8,179,494.75. This trade represents a 6.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired a total of 27,200 shares of company stock valued at $2,109,632 over the last three months. Insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Taylor Frigon Capital Management LLC raised its stake in Marvell Technology by 16.5% during the 2nd quarter. Taylor Frigon Capital Management LLC now owns 33,605 shares of the semiconductor company’s stock worth $2,601,000 after acquiring an additional 4,748 shares during the period. Waterfront Wealth Inc. increased its stake in shares of Marvell Technology by 21.5% in the second quarter. Waterfront Wealth Inc. now owns 18,394 shares of the semiconductor company’s stock worth $1,424,000 after purchasing an additional 3,258 shares in the last quarter. BOCHK Asset Management Ltd purchased a new stake in shares of Marvell Technology in the second quarter worth $1,486,000. Westbourne Investments Inc. raised its position in shares of Marvell Technology by 442.4% during the 2nd quarter. Westbourne Investments Inc. now owns 21,695 shares of the semiconductor company’s stock valued at $1,679,000 after purchasing an additional 17,695 shares during the period. Finally, Triton Financial Group Inc purchased a new position in shares of Marvell Technology during the 2nd quarter valued at $1,543,000. Hedge funds and other institutional investors own 83.51% 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 and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.