Marvell Technology’s (MRVL) Market Perform Rating Reaffirmed at Oppenheimer

Marvell Technology (NASDAQ:MRVL)’s stock had its “market perform” rating reissued by analysts at Oppenheimer in a research report issued to clients and investors on Friday, The Fly reports. They currently have a $70.00 price target on the semiconductor company’s stock, up from their prior price target of $60.00. Oppenheimer’s price target points to a potential upside of 18.68% from the stock’s current price.

Several other research firms also recently weighed in on MRVL. Zacks Investment Research downgraded shares of Marvell Technology from a “buy” rating to a “hold” rating and set a $61.00 price target on the stock. in a research note on Thursday. JPMorgan Chase & Co. initiated coverage on shares of Marvell Technology in a research note on Tuesday, June 8th. They issued an “overweight” rating on the stock. Piper Sandler raised their price target on shares of Marvell Technology from $55.00 to $60.00 and gave the stock an “overweight” rating in a research note on Tuesday, June 8th. Craig Hallum lifted their target price on shares of Marvell Technology from $52.00 to $63.00 and gave the stock a “buy” rating in a research note on Tuesday, June 8th. Finally, Cowen lifted their target price on shares of Marvell Technology from $46.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, June 8th. Five investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The company currently has an average rating of “Buy” and a consensus price target of $57.80.

Get Marvell Technology alerts:

NASDAQ:MRVL opened at $58.98 on Friday. The stock has a 50-day simple moving average of $57.56. The company has a current ratio of 1.50, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12. The stock has a market capitalization of $48.33 billion, a P/E ratio of -155.21, a P/E/G ratio of 3.01 and a beta of 1.07. Marvell Technology has a twelve month low of $32.53 and a twelve month high of $62.71.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. The firm had revenue of $832.28 million for the quarter, compared to the consensus estimate of $803.02 million. Marvell Technology had a negative net margin of 8.13% and a positive return on equity of 5.25%. During the same period last year, the firm posted $0.18 earnings per share. As a group, analysts expect that Marvell Technology will post 0.94 earnings per share for the current year.

In other Marvell Technology news, CAO Willem A. Meintjes sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, June 15th. The shares were sold at an average price of $53.51, for a total transaction of $535,100.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, July 15th. The stock was sold at an average price of $55.92, for a total transaction of $1,118,400.00. The disclosure for this sale can be found here. Insiders sold 70,000 shares of company stock valued at $3,908,100 in the last 90 days. Company insiders own 0.29% of the company’s stock.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. AlphaCrest Capital Management LLC lifted its position in shares of Marvell Technology by 77.1% during the 1st quarter. AlphaCrest Capital Management LLC now owns 36,646 shares of the semiconductor company’s stock worth $1,795,000 after buying an additional 15,950 shares during the last quarter. Public Employees Retirement System of Ohio lifted its position in shares of Marvell Technology by 8.1% during the 1st quarter. Public Employees Retirement System of Ohio now owns 362,282 shares of the semiconductor company’s stock worth $17,745,000 after buying an additional 27,258 shares during the last quarter. Kovack Advisors Inc. lifted its position in shares of Marvell Technology by 19.0% during the 2nd quarter. Kovack Advisors Inc. now owns 7,228 shares of the semiconductor company’s stock worth $422,000 after buying an additional 1,155 shares during the last quarter. State of Wisconsin Investment Board lifted its position in shares of Marvell Technology by 23.2% during the 1st quarter. State of Wisconsin Investment Board now owns 2,714,731 shares of the semiconductor company’s stock worth $132,967,000 after buying an additional 510,573 shares during the last quarter. Finally, UBS Asset Management Americas Inc. lifted its position in shares of Marvell Technology by 0.4% during the 1st quarter. UBS Asset Management Americas Inc. now owns 4,778,181 shares of the semiconductor company’s stock worth $234,035,000 after buying an additional 16,716 shares during the last quarter. Institutional investors own 65.25% of the company’s stock.

About Marvell Technology

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.

Featured Story: Depreciation

The Fly logo

Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

Leave a Reply

Your email address will not be published. Required fields are marked *