Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Marvell Technology (NASDAQ:MRVL) had its target price raised by analysts at Wells Fargo & Company from $90.00 to $110.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price target would suggest a potential upside of 22.09% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Loop Capital initiated coverage on Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price target on the stock. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Citigroup reiterated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Finally, Benchmark raised their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Stock Down 3.3 %

Marvell Technology stock opened at $90.10 on Tuesday. The firm has a 50 day simple moving average of $81.45 and a 200 day simple moving average of $73.93. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology has a 1-year low of $50.35 and a 1-year high of $95.55. The firm has a market capitalization of $79.85 billion, a price-to-earnings ratio of -83.91, a P/E/G ratio of 4.01 and a beta of 1.44.

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

Insider Activity

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 267,000 shares of company stock valued at $20,899,260. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. True Wealth Design LLC grew its position in shares of Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the second quarter worth about $32,000. Quarry LP bought a new position in shares of Marvell Technology during the second quarter valued at approximately $32,000. Whittier Trust Co. lifted its holdings in shares of Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology in the 3rd quarter worth approximately $37,000. 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.