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

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target increased by KeyCorp from $60.00 to $70.00 in a note issued to investors on Friday, The Fly reports. KeyCorp’s target price points to a potential upside of 41.50% from the company’s previous close. KeyCorp also issued estimates for Marvell Technology’s Q2 2024 earnings at $0.15 EPS, FY2024 earnings at $0.81 EPS and FY2025 earnings at $1.44 EPS.

Several other equities research analysts also recently issued reports on the stock. The Goldman Sachs Group dropped their price target on shares of Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a research note on Friday, March 3rd. Morgan Stanley lifted their price target on shares of Marvell Technology from $41.00 to $45.00 in a research note on Friday, March 3rd. Stifel Nicolaus decreased their price objective on shares of Marvell Technology from $58.00 to $56.00 and set a “buy” rating for the company in a report on Wednesday, April 19th. Susquehanna reissued a “positive” rating and set a $50.00 price objective on shares of Marvell Technology in a report on Thursday, March 9th. Finally, StockNews.com began coverage on shares of Marvell Technology in a report on Thursday, May 18th. They set a “hold” rating for the company. Three equities research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $61.08.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $49.47 on Friday. The company’s fifty day simple moving average is $41.16 and its 200-day simple moving average is $41.52. Marvell Technology has a 52 week low of $33.75 and a 52 week high of $61.50. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The company 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 (NASDAQ:MRVL – Get Rating) last released 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. Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.46%. The firm had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter in the previous year, the firm posted $0.37 EPS. The firm’s quarterly revenue was down 8.7% on a year-over-year basis. As a group, equities research analysts anticipate that Marvell Technology will post 0.85 EPS for the current year.

Insiders Place Their Bets

In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $45.00, for a total transaction of $270,000.00. Following the sale, the executive vice president now directly owns 12,879 shares in the company, valued at approximately $579,555. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.45% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. MetLife Investment Management LLC bought a new stake in shares of Marvell Technology during the 1st quarter worth about $1,210,000. Yousif Capital Management LLC raised its holdings in shares of Marvell Technology by 6.6% in the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock worth $1,070,000 after purchasing an additional 925 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of Marvell Technology by 2.8% in the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after purchasing an additional 344 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock worth $2,056,000 after purchasing an additional 4,888 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Marvell Technology by 35.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock worth $366,000 after purchasing an additional 1,337 shares in the last quarter. 81.28% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

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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.