Bank of America Trims Marvell Technology (NASDAQ:MRVL) Target Price to $90.00

Marvell Technology (NASDAQ:MRVLGet Rating) had its target price decreased by Bank of America from $100.00 to $90.00 in a report released on Friday, The Fly reports. Bank of America‘s target price would indicate a potential upside of 50.05% from the company’s current price.

Several other research analysts have also recently weighed in on MRVL. B. Riley lowered their price target on shares of Marvell Technology from $95.00 to $72.00 in a report on Monday. Morgan Stanley decreased their target price on Marvell Technology from $80.00 to $68.00 in a research note on Friday. StockNews.com assumed coverage on shares of Marvell Technology in a report on Thursday, March 31st. They issued a “sell” rating for the company. Cowen reduced their price target on shares of Marvell Technology from $100.00 to $85.00 in a research report on Friday. Finally, Wells Fargo & Company lowered their price target on shares of Marvell Technology from $80.00 to $70.00 and set an “equal weight” rating on the stock in a report on Friday, March 4th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Buy” and an average target price of $87.74.

NASDAQ:MRVL opened at $59.98 on Friday. Marvell Technology has a one year low of $46.77 and a one year high of $93.85. The stock has a market cap of $51.02 billion, a P/E ratio of -105.54, a PEG ratio of 1.80 and a beta of 1.27. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.80 and a quick ratio of 1.28. The company has a fifty day moving average price of $62.13 and a 200 day moving average price of $70.97.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The firm had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the previous year, the business earned $0.15 EPS. The business’s quarterly revenue was up 73.8% compared to the same quarter last year. As a group, equities research analysts anticipate that Marvell Technology will post 1.73 EPS for the current year.

In other Marvell Technology news, EVP Loi Nguyen sold 9,778 shares of the business’s stock in a transaction dated Wednesday, March 2nd. The shares were sold at an average price of $66.07, for a total value of $646,032.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mitchell Gaynor sold 5,000 shares of the business’s stock in a transaction dated Tuesday, March 15th. The stock was sold at an average price of $61.58, for a total transaction of $307,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 208,610 shares of company stock worth $13,591,746. 0.45% of the stock is currently owned by company insiders.

A number of institutional investors have recently modified their holdings of MRVL. Tufton Capital Management acquired a new stake in shares of Marvell Technology in the 4th quarter valued at about $244,000. Cetera Investment Advisers grew its holdings in shares of Marvell Technology by 50.1% in the 3rd quarter. Cetera Investment Advisers now owns 21,937 shares of the semiconductor company’s stock valued at $1,323,000 after acquiring an additional 7,326 shares in the last quarter. Los Angeles Capital Management LLC grew its holdings in shares of Marvell Technology by 300.8% in the 4th quarter. Los Angeles Capital Management LLC now owns 19,393 shares of the semiconductor company’s stock valued at $1,697,000 after acquiring an additional 14,554 shares in the last quarter. AIMZ Investment Advisors LLC grew its holdings in shares of Marvell Technology by 37.4% in the 4th quarter. AIMZ Investment Advisors LLC now owns 13,562 shares of the semiconductor company’s stock valued at $1,187,000 after acquiring an additional 3,695 shares in the last quarter. Finally, Cable Hill Partners LLC bought a new position in shares of Marvell Technology in the 4th quarter valued at about $329,000. 83.11% of the stock is currently owned by institutional investors and hedge funds.

About Marvell Technology (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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