Oppenheimer Increases Marvell Technology (NASDAQ:MRVL) Price Target to $110.00

Marvell Technology (NASDAQ:MRVL) had its price objective lifted by equities researchers at Oppenheimer from $90.00 to $110.00 in a report released on Tuesday, MarketBeat reports. The firm presently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price objective would suggest a potential upside of 22.09% from the stock’s previous close.

Other research analysts also recently issued reports about the company. Rosenblatt Securities upped their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Roth Mkm reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Citigroup reiterated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research report on Monday, October 14th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $90.10 on Tuesday. The company has a market capitalization of $79.85 billion, a PE ratio of -83.91, a price-to-earnings-growth ratio of 4.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company’s fifty day moving average price is $81.45 and its 200 day moving average price is $73.93. Marvell Technology has a 1 year low of $50.35 and a 1 year high of $95.55.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, research analysts predict that Marvell Technology will post 0.78 earnings per share for the current year.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy acquired 13,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. The trade was a 6.22 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of MRVL. Ameriprise Financial Inc. grew its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Swedbank AB increased its holdings in Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after buying an additional 2,024,269 shares during the last quarter. Temasek Holdings Private Ltd raised its stake in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new stake in Marvell Technology in the third quarter valued at $120,116,000. Finally, Van ECK Associates Corp lifted its holdings in Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.