Marvell Technology (NASDAQ:MRVL) Rating Reiterated by Piper Sandler

Marvell Technology (NASDAQ:MRVL)‘s stock had its “overweight” rating reissued by equities research analysts at Piper Sandler in a research report issued on Friday, Benzinga reports. They presently have a $100.00 price objective on the semiconductor company’s stock. Piper Sandler’s price objective would suggest a potential upside of 31.16% from the company’s current price.

Several other analysts also recently weighed in on MRVL. Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Thursday, August 22nd. Morgan Stanley raised their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday. Evercore ISI increased their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday. Finally, StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Up 9.2 %

MRVL opened at $76.24 on Friday. The business’s fifty day simple moving average is $67.95 and its 200 day simple moving average is $69.47. 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. The stock has a market cap of $65.99 billion, a PE ratio of -67.47, a P/E/G ratio of 2.99 and a beta of 1.47.

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

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The sale 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 Marvell Technology stock in a transaction 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 transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock valued at $4,872,620 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

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