Susquehanna Increases Marvell Technology (NASDAQ:MRVL) Price Target to $60.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective raised by analysts at Susquehanna from $53.00 to $60.00 in a research report issued on Friday, The Fly reports. Susquehanna’s target price indicates a potential upside of 21.29% from the company’s current price.

MRVL has been the topic of a number of other research reports. Piper Sandler cut their price target on Marvell Technology from $55.00 to $50.00 and set an “overweight” rating on the stock in a report on Friday, March 3rd. Barclays lifted their price target on Marvell Technology from $45.00 to $55.00 in a report on Friday. Stifel Nicolaus boosted their target price on Marvell Technology from $56.00 to $65.00 in a report on Friday. The Goldman Sachs Group dropped their target price on Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. Finally, KeyCorp boosted their target price on Marvell Technology from $60.00 to $70.00 in a report on Friday. Three research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $61.08.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $49.47 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.37 and a debt-to-equity ratio of 0.25. The business has a 50 day moving average of $41.16 and a two-hundred day moving average of $41.52. Marvell Technology has a 52 week low of $33.75 and a 52 week high of $61.50. The company has a market cap of $42.50 billion, a P/E ratio of -260.37, a PEG ratio of 16.16 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL – Get Rating) last issued its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same period in the previous year, the firm posted $0.37 earnings per share. Marvell Technology’s quarterly revenue was down 8.7% compared to the same quarter last year. As a group, 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 Marvell Technology stock in a transaction that occurred on Thursday, May 18th. The shares were sold at an average price of $45.00, for a total transaction of $270,000.00. Following the transaction, the executive vice president now directly owns 12,879 shares in the company, valued at approximately $579,555. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of Marvell Technology by 0.4% during the 1st quarter. FMR LLC now owns 128,532,727 shares of the semiconductor company’s stock valued at $5,565,467,000 after acquiring an additional 555,578 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Marvell Technology by 0.9% during the 3rd quarter. Vanguard Group Inc. now owns 66,690,673 shares of the semiconductor company’s stock valued at $2,861,697,000 after acquiring an additional 598,783 shares in the last quarter. Moneta Group Investment Advisors LLC grew its holdings in shares of Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after acquiring an additional 62,400,056 shares in the last quarter. Price T Rowe Associates Inc. MD grew its holdings in shares of Marvell Technology by 123.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock valued at $1,819,025,000 after acquiring an additional 23,220,407 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of Marvell Technology by 6.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after acquiring an additional 1,603,857 shares in the last quarter. 81.28% of the stock is currently owned by hedge funds and other institutional investors.

About Marvell Technology

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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.