Barclays Raises Marvell Technology (NASDAQ:MRVL) Price Target to $85.00

Marvell Technology (NASDAQ:MRVL) had its target price upped by stock analysts at Barclays from $80.00 to $85.00 in a research report issued to clients and investors on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Barclays‘s price objective points to a potential upside of 12.76% from the company’s current price.

Several other research analysts have also issued reports on the stock. Benchmark increased their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday. KeyCorp raised their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, Roth Mkm reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $90.70.

Marvell Technology Stock Up 7.9 %

MRVL traded up $5.54 on Friday, hitting $75.38. The company had a trading volume of 16,472,518 shares, compared to its average volume of 12,485,328. The stock has a fifty day simple moving average of $67.86 and a 200-day simple moving average of $69.42. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The firm has a market capitalization of $65.25 billion, a P/E ratio of -66.25, a P/E/G ratio of 2.99 and a beta of 1.47. Marvell Technology has a 52-week low of $46.07 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the business posted $0.18 EPS. As a group, equities analysts expect that Marvell Technology will post 0.75 EPS for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders sold a total of 65,500 shares of company stock worth $4,872,620 in the last three months. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the 2nd quarter valued at $32,000. Quarry LP purchased a new position in Marvell Technology during the second quarter worth $32,000. Finally, Optimum Investment Advisors purchased a new position in Marvell Technology during the first quarter worth $35,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.