Marvell Technology’s (MRVL) Buy Rating Reaffirmed at Citigroup

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating reiterated by equities research analysts at Citigroup in a note issued to investors on Wednesday, Benzinga reports. They presently have a $91.00 price objective on the semiconductor company’s stock. Citigroup’s target price points to a potential upside of 28.39% from the stock’s current price.

A number of other brokerages also recently commented on MRVL. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Thursday, March 21st. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Oppenheimer reaffirmed an “outperform” rating and set a $80.00 price objective (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. Cantor Fitzgerald assumed coverage on shares of Marvell Technology in a report on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 target price for the company. Finally, Needham & Company LLC restated a “buy” rating and issued a $65.00 price target on shares of Marvell Technology in a report on Friday, December 1st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $75.75.

Marvell Technology Price Performance

Shares of MRVL stock opened at $70.88 on Wednesday. The stock has a market capitalization of $61.38 billion, a price-to-earnings ratio of -65.63, a P/E/G ratio of 5.01 and a beta of 1.51. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. Marvell Technology has a twelve month low of $36.90 and a twelve month high of $85.76. The stock has a fifty day simple moving average of $69.80 and a two-hundred day simple moving average of $60.40.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.34 earnings per share. On average, analysts predict that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its board has approved a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.44, for a total transaction of $332,200.00. Following the completion of the sale, the executive vice president now directly owns 114,117 shares in the company, valued at approximately $7,581,933.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $66.44, for a total value of $332,200.00. Following the sale, the executive vice president now directly owns 114,117 shares in the company, valued at $7,581,933.48. The disclosure for this sale can be found here. Insiders sold 138,000 shares of company stock valued at $8,983,290 over the last quarter. 0.45% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. West Tower Group LLC acquired a new stake in shares of Marvell Technology during the 2nd quarter valued at about $25,000. SRS Capital Advisors Inc. grew its position in shares of Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 281 shares during the period. Buck Wealth Strategies LLC grew its position in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 425 shares during the period. SJS Investment Consulting Inc. grew its position in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Finally, Resurgent Financial Advisors LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at about $28,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.