The Goldman Sachs Group Raises Marvell Technology (NASDAQ:MRVL) Price Target to $87.00

Marvell Technology (NASDAQ:MRVL) had its price target increased by analysts at The Goldman Sachs Group from $77.00 to $87.00 in a report released on Friday, Benzinga reports. The firm presently has a “buy” rating on the semiconductor company’s stock. The Goldman Sachs Group’s target price would suggest a potential upside of 14.11% from the stock’s previous close.

Several other equities research analysts also recently weighed in on MRVL. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Friday. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Thursday, August 22nd. Stifel Nicolaus restated a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday. Finally, B. Riley raised their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Up 9.2 %

Marvell Technology stock opened at $76.24 on Friday. The stock has a 50-day moving average price of $67.95 and a 200 day moving average price of $69.47. The company has a market capitalization of $65.99 billion, a price-to-earnings ratio of -67.47, a price-to-earnings-growth 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. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business posted $0.18 EPS. Sell-side analysts anticipate that Marvell Technology will post 0.75 EPS for the current year.

Insider Activity

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel Durn purchased 1,425 shares of the company’s stock in a transaction dated Monday, June 24th. The stock was acquired at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the transaction, the director now directly owns 1,923 shares of the company’s stock, valued at $135,013.83. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock worth $4,872,620 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC raised its holdings in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new stake in Marvell Technology during the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter worth about $32,000. Quarry LP acquired a new position in Marvell Technology in the 2nd quarter valued at about $32,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $35,000. 83.51% of the stock is currently 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.