Wells Fargo & Company Cuts Marvell Technology (NASDAQ:MRVL) Price Target to $95.00
Wells Fargo & Company has lowered its price target for Marvell Technology (NASDAQ:MRVL) from $120.00 to $95.00 while maintaining an "overweight" rating. This new target suggests a potential upside of 61.78% from the previous close. Other analysts have also adjusted their price targets, with Stifel Nicolaus setting it at $80.00 and Morgan Stanley at $70.00. Marvell's stock opened at $58.72, reflecting a 7.9% decline. The company reported a quarterly EPS of $0.62, beating estimates, with revenue up 63.3% year-over-year.
Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price objective decreased by stock analysts at Wells Fargo & Company from $120.00 to $95.00 in a research note issued to investors on Friday,Benzinga reports. The firm currently has an "overweight" rating on the semiconductor company's stock. Wells Fargo & Company's price objective would indicate a potential upside of 61.78% from the company's previous close.
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Other equities research analysts have also issued reports about the stock. Stifel Nicolaus cut their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Morgan Stanley reduced their target price on shares of Marvell Technology from $90.00 to $70.00 and set an "equal weight" rating on the stock in a report on Tuesday. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Finally, Raymond James set a $110.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and an average price target of $96.71.
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Marvell Technology Trading Down 7.9%
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Marvell Technology stock opened at $58.72 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The company's fifty day simple moving average is $58.96 and its 200-day simple moving average is $87.09. The stock has a market cap of $50.73 billion, a P/E ratio of -34.54, a P/E/G ratio of 1.61 and a beta of 1.83.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The firm's revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.24 earnings per share. As a group, sell-side analysts forecast that Marvell Technology will post 0.91 EPS for the current fiscal year.
Insider Buying and Selling at Marvell Technology
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In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,541 shares of company stock worth $2,079,948 in the last 90 days. 0.33% of the stock is owned by company insiders.
Institutional Trading of Marvell Technology
Hedge funds have recently bought and sold shares of the company. Intrepid Financial Planning Group LLC grew its stake in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after buying an additional 90 shares in the last quarter. PDS Planning Inc lifted its position in shares of Marvell Technology by 3.3% during the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after purchasing an additional 92 shares during the last quarter. Lodestone Wealth Management LLC lifted its position in shares of Marvell Technology by 2.0% during the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock worth $514,000 after purchasing an additional 93 shares during the last quarter. Valley National Advisers Inc. increased its stake in Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock valued at $2,775,000 after acquiring an additional 96 shares during the period. Finally, Private Trust Co. NA increased its stake in Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock valued at $414,000 after acquiring an additional 97 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.
Marvell Technology Company Profile
(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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