Cowen Trims Marvell Technology (NASDAQ:MRVL) Target Price to $85.00

Marvell Technology (NASDAQ:MRVLGet Rating) had its price objective decreased by analysts at Cowen from $100.00 to $85.00 in a research report issued to clients and investors on Friday, Stock Target Advisor reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Cowen’s price target would suggest a potential upside of 42.67% from the stock’s previous close.

A number of other analysts have also recently issued reports on the company. TheStreet cut Marvell Technology from a “b-” rating to a “c” rating in a report on Friday, March 4th. Oppenheimer decreased their price target on Marvell Technology from $110.00 to $90.00 and set an “outperform” rating for the company in a report on Friday, May 20th. Morgan Stanley decreased their price target on Marvell Technology from $80.00 to $68.00 and set an “equal weight” rating for the company in a report on Friday. Susquehanna Bancshares reduced their target price on Marvell Technology from $105.00 to $90.00 and set a “positive” rating for the company in a research note on Wednesday. Finally, Raymond James raised Marvell Technology from a “market perform” rating to an “outperform” rating and set a $80.00 price target on the stock in a research report on Monday, April 25th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average price target of $87.64.

Shares of Marvell Technology stock traded up $2.59 on Friday, hitting $59.58. The company’s stock had a trading volume of 730,703 shares, compared to its average volume of 11,124,226. Marvell Technology has a 52-week low of $46.77 and a 52-week high of $93.85. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. The firm has a fifty day moving average price of $62.13 and a 200-day moving average price of $70.97. The company has a market capitalization of $50.68 billion, a P/E ratio of -110.70, a price-to-earnings-growth ratio of 1.80 and a beta of 1.27.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share for the quarter, beating the consensus estimate 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 the consensus estimate of $1.43 billion. During the same quarter in the previous year, the company posted $0.15 EPS. The firm’s revenue for the quarter was up 73.8% on a year-over-year basis. As a group, analysts expect that Marvell Technology will post 1.73 earnings per share for the current year.

In other news, insider Muhammad Raghib Hussain sold 45,782 shares of Marvell Technology stock in a transaction that occurred on Tuesday, April 19th. The stock was sold at an average price of $61.08, for a total transaction of $2,796,364.56. Following the sale, the insider now owns 618,298 shares of the company’s stock, valued at approximately $37,765,641.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ford Tamer sold 48,051 shares of Marvell Technology stock in a transaction that occurred on Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total value of $3,440,932.11. Following the sale, the director now directly owns 331,083 shares in the company, valued at approximately $23,708,853.63. The disclosure for this sale can be found here. Insiders have sold a total of 208,610 shares of company stock valued at $13,591,746 over the last ninety days. Company insiders own 0.45% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in MRVL. MUFG Americas Holdings Corp grew its stake in Marvell Technology by 90.2% in the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 175 shares during the period. SkyView Investment Advisors LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $26,000. HM Payson & Co. boosted its position in shares of Marvell Technology by 52.5% during the third quarter. HM Payson & Co. now owns 453 shares of the semiconductor company’s stock worth $27,000 after buying an additional 156 shares during the period. Pittenger & Anderson Inc. acquired a new position in shares of Marvell Technology during the fourth quarter worth about $27,000. Finally, Covestor Ltd acquired a new position in shares of Marvell Technology during the fourth quarter worth about $28,000. Institutional investors own 83.11% of the company’s stock.

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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