Marvell Technology (NASDAQ:MRVL) Price Target Raised to $70.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its target price lifted by analysts at JPMorgan Chase & Co. from $60.00 to $70.00 in a research note issued to investors on Friday, The Fly reports. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 41.50% from the stock’s current price.

MRVL has been the subject of a number of other research reports. UBS Group decreased their target price on Marvell Technology from $75.00 to $60.00 in a research report on Friday, March 3rd. The Goldman Sachs Group decreased their target price on Marvell Technology from $54.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. Bank of America boosted their target price on Marvell Technology from $51.00 to $70.00 in a research report on Friday. KeyCorp boosted their target price on Marvell Technology from $60.00 to $70.00 in a research report on Friday. Finally, Citigroup decreased their target price on Marvell Technology from $65.00 to $58.00 in a research report on Friday, March 3rd. Three research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $61.08.

Marvell Technology Price Performance

MRVL opened at $49.47 on Friday. The stock has a 50-day moving average price of $41.16 and a 200-day moving average price of $41.52. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.37 and a quick ratio of 0.93. The firm has a market cap of $42.50 billion, a PE ratio of -260.37, a P/E/G ratio of 16.16 and a beta of 1.44. Marvell Technology has a 1 year low of $33.75 and a 1 year high of $61.50.

Marvell Technology (NASDAQ:MRVL – Get Rating) last posted its quarterly earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.30 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. Marvell Technology’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.37 EPS. Sell-side analysts predict that Marvell Technology will post 0.85 earnings per share for the current fiscal year.

Insider Activity at Marvell Technology

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total transaction of $270,000.00. Following the completion of the transaction, the executive vice president now directly owns 12,879 shares in the company, valued at approximately $579,555. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Quilter Plc bought a new position in Marvell Technology in the 1st quarter worth approximately $248,250,000. Barrett & Company Inc. bought a new position in Marvell Technology in the 1st quarter worth approximately $26,000. Guardian Wealth Advisors LLC bought a new position in Marvell Technology in the 3rd quarter worth approximately $26,000. KB Financial Partners LLC bought a new position in Marvell Technology in the 1st quarter worth approximately $32,000. Finally, MADDEN SECURITIES Corp bought a new position in Marvell Technology in the 4th quarter worth approximately $27,000. 81.28% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

(Get Rating)

Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.