Marvell Technology (NASDAQ:MRVL) Given New $62.00 Price Target at Morgan Stanley

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target decreased by research analysts at Morgan Stanley from $68.00 to $62.00 in a research note issued on Friday, Stock Target Advisor reports. The brokerage currently has an “equal weight” rating on the semiconductor company’s stock. Morgan Stanley’s price target points to a potential upside of 14.45% from the company’s current price.

A number of other research analysts have also recently commented on MRVL. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a report on Friday, March 4th. Raymond James reaffirmed a “buy” rating and issued a $80.00 price target on shares of Marvell Technology in a report on Friday, May 27th. BMO Capital Markets lowered their target price on shares of Marvell Technology from $98.00 to $82.00 in a research report on Friday, May 27th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Monday, May 30th. Finally, Needham & Company LLC dropped their target price on shares of Marvell Technology from $105.00 to $75.00 in a report on Friday, May 27th. Four investment analysts have rated the stock with a hold rating and twenty-seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Buy” and an average target price of $87.22.

NASDAQ MRVL traded down $2.31 on Friday, hitting $54.17. 167,675 shares of the company’s stock traded hands, compared to its average volume of 10,260,278. Marvell Technology has a 1-year low of $50.27 and a 1-year high of $93.85. The company has a current ratio of 1.67, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. The firm has a market capitalization of $46.04 billion, a PE ratio of -88.80, a P/E/G ratio of 1.95 and a beta of 1.27. The firm’s 50-day moving average price is $59.54 and its two-hundred day moving average price is $70.01.

Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The firm had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same quarter last year, the firm posted $0.15 EPS. The business’s revenue was up 73.8% on a year-over-year basis. On average, research analysts anticipate that Marvell Technology will post 1.7 earnings per share for the current fiscal year.

In related news, EVP Loi Nguyen sold 872 shares of the business’s stock in a transaction that occurred on Friday, May 27th. The stock was sold at an average price of $60.00, for a total value of $52,320.00. Following the completion of the sale, the executive vice president now owns 207,727 shares of the company’s stock, valued at approximately $12,463,620. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Dan Christman sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 29th. The shares were sold at an average price of $75.87, for a total transaction of $1,138,050.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 231,216 shares of company stock valued at $14,891,753. 0.45% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Tufton Capital Management bought a new stake in Marvell Technology during the fourth quarter worth approximately $244,000. Cetera Investment Advisers grew its stake in 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 buying an additional 7,326 shares during the last quarter. Los Angeles Capital Management LLC raised its holdings in 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 worth $1,697,000 after acquiring an additional 14,554 shares during the period. AIMZ Investment Advisors LLC lifted its position in Marvell Technology by 37.4% during the 4th quarter. AIMZ Investment Advisors LLC now owns 13,562 shares of the semiconductor company’s stock worth $1,187,000 after acquiring an additional 3,695 shares during the last quarter. Finally, Cable Hill Partners LLC bought a new stake in Marvell Technology during the fourth 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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