Marvell Technology (NASDAQ:MRVL) Stock Rating Reaffirmed by Citigroup

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating restated by equities researchers at Citigroup in a note issued to investors on Monday, Benzinga reports. They presently have a $91.00 target price on the semiconductor company’s stock. Citigroup’s price objective would indicate a potential upside of 14.60% from the company’s current price.

A number of other equities analysts have also weighed in on MRVL. Morgan Stanley upped their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Bank of America upped their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

Marvell Technology stock opened at $79.41 on Monday. The stock has a market capitalization of $68.74 billion, a price-to-earnings ratio of -70.27, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology has a 52-week low of $46.07 and a 52-week high of $85.76. The stock’s 50 day moving average price is $70.30 and its two-hundred day moving average price is $69.98. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business earned $0.18 EPS. On average, equities analysts predict that Marvell Technology will post 0.78 earnings per share for the current year.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, Director Ford Tamer sold 92,000 shares of the stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,500 shares of company stock valued at $7,650,465 in the last ninety days. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in the stock. Bruce G. Allen Investments LLC boosted its position 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 valued at $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $31,000. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Finally, Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the 1st quarter worth approximately $35,000. 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.