Marvell Technology (NASDAQ:MRVL) Price Target Raised to $77.00
Marvell Technology's price target has been raised to $77.00 by Morgan Stanley, with an "equal weight" rating. The company's stock has received multiple ratings, with a consensus price target of $83.71. Marvell Technology reported $0.24 EPS for the quarter and a revenue of $1.16 billion. The company also announced a share repurchase plan of $3.00 billion. CEO Matthew J. Murphy sold 30,000 shares of the company's stock.
Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price upped by Morgan Stanley from $71.00 to $77.00 in a report issued on Friday, Benzinga reports. The firm presently has an "equal weight" rating on the semiconductor company's stock. Morgan Stanley's price objective points to a potential upside of 0.20% from the stock's current price.
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MRVL has been the subject of several other reports. KeyCorp cut their price objective on Marvell Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research report on Monday, April 8th. TD Cowen upped their price objective on Marvell Technology from $75.00 to $90.00 and gave the stock an "outperform" rating in a report on Friday, March 8th. Evercore ISI began coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They set an "outperform" rating and a $88.00 price target for the company. Stifel Nicolaus reissued a "buy" rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Finally, B. Riley reaffirmed a "buy" rating and set a $95.00 price target (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $83.71.
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Marvell Technology Price Performance
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Shares of MRVL opened at $76.85 on Friday. Marvell Technology has a twelve month low of $46.07 and a twelve month high of $85.76. The stock's 50 day moving average is $69.89 and its two-hundred day moving average is $65.95. The firm has a market capitalization of $66.51 billion, a PE ratio of -71.16, a P/E/G ratio of 3.80 and a beta of 1.48. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. The business had revenue of $1.16 billion for the quarter, compared to analyst estimates of $1.15 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company's quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.17 EPS. Research analysts anticipate that Marvell Technology will post 0.73 earnings per share for the current year.
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Marvell Technology declared that its Board of Directors has authorized a share repurchase plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.
Insider Activity at Marvell Technology
In related news, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $69.18, for a total transaction of $2,075,400.00. Following the transaction, the chief executive officer now directly owns 686,545 shares of the company's stock, valued at $47,495,183.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares of the company's stock, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $69.18, for a total value of $2,075,400.00. Following the completion of the transaction, the chief executive officer now directly owns 686,545 shares in the company, valued at $47,495,183.10. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 110,500 shares of company stock valued at $7,522,055. Company insiders own 0.33% of the company's stock.
Institutional Trading of Marvell Technology
Several large investors have recently made changes to their positions in the stock. FMR LLC boosted its stake in shares of Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company's stock worth $7,005,447,000 after acquiring an additional 421,622 shares in the last quarter. Vanguard Group Inc. boosted its stake in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company's stock valued at $5,160,805,000 after purchasing an additional 468,086 shares during the period. Capital Research Global Investors lifted its position in shares of Marvell Technology by 0.5% in the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company's stock worth $2,158,601,000 after acquiring an additional 185,479 shares during the period. Matrix Capital Management Company LP lifted its position in shares of Marvell Technology by 14.3% in the 4th quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company's stock worth $907,997,000 after acquiring an additional 1,888,676 shares during the period. Finally, Brown Advisory Inc. lifted its position in shares of Marvell Technology by 25.9% in the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company's stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the period. Institutional investors own 83.51% of the company's stock.
About Marvell Technology
(Get Free Report)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.
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