Evercore ISI Increases Marvell Technology (NASDAQ:MRVL) Price Target to $70.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its target price lifted by stock analysts at Evercore ISI from $60.00 to $70.00 in a report issued on Friday, The Fly reports. Evercore ISI’s target price would suggest a potential upside of 41.50% from the stock’s previous close.

A number of other equities research analysts have also recently commented on MRVL. The Goldman Sachs Group cut their price target on shares of Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a report on Friday, March 3rd. Craig Hallum increased their price target on shares of Marvell Technology from $56.00 to $67.00 in a report on Friday. Wells Fargo & Company increased their price target on shares of Marvell Technology from $54.00 to $65.00 in a report on Friday. KeyCorp increased their price target on shares of Marvell Technology from $60.00 to $70.00 in a report on Friday. Finally, Deutsche Bank Aktiengesellschaft increased their price target on shares of Marvell Technology from $50.00 to $65.00 in a report on Friday. Three research analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $62.30.

Marvell Technology Price Performance

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

Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates 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 business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. During the same quarter last year, the firm earned $0.37 earnings per share. The business’s revenue for the quarter was down 8.7% on a year-over-year basis. Analysts expect that Marvell Technology will post 0.85 EPS for the current fiscal year.

Insider Buying and Selling at Marvell Technology

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

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC boosted its stake 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 worth $2,313,242,000 after purchasing an additional 62,400,056 shares during the period. Price T Rowe Associates Inc. MD boosted its stake 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 worth $1,819,025,000 after purchasing an additional 23,220,407 shares during the period. Fisher Asset Management LLC boosted its stake in shares of Marvell Technology by 2,626.8% during the 3rd quarter. Fisher Asset Management LLC now owns 11,556,965 shares of the semiconductor company’s stock worth $495,909,000 after purchasing an additional 11,133,134 shares during the period. Norges Bank purchased a new position in shares of Marvell Technology during the 4th quarter worth about $188,566,000. Finally, Ameriprise Financial Inc. boosted its position in Marvell Technology by 31.4% in the 1st quarter. Ameriprise Financial Inc. now owns 16,444,577 shares of the semiconductor company’s stock valued at $712,054,000 after buying an additional 3,934,276 shares during the period. 81.28% of the stock is owned by hedge funds and other 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.