Morgan Stanley Boosts Marvell Technology (NASDAQ:MRVL) Price Target to $55.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective raised by analysts at Morgan Stanley from $45.00 to $55.00 in a note issued to investors on Friday, The Fly reports. Morgan Stanley’s price target would suggest a potential upside of 11.18% from the stock’s current price.

MRVL has been the subject of several other reports. Deutsche Bank Aktiengesellschaft lifted their target price on shares of Marvell Technology from $50.00 to $65.00 in a research note on Friday. StockNews.com initiated coverage on shares of Marvell Technology in a research note on Thursday, May 18th. They set a “hold” rating for the company. Barclays boosted their price objective on shares of Marvell Technology from $45.00 to $55.00 in a research note on Friday. JPMorgan Chase & Co. boosted their price objective on shares of Marvell Technology from $60.00 to $70.00 in a research note on Friday. Finally, Rosenblatt Securities lowered their price objective on shares of Marvell Technology from $125.00 to $100.00 in a research note on Friday, March 3rd. Three investment analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $62.30.

Marvell Technology Trading Up 7.6 %

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

Marvell Technology (NASDAQ:MRVL – Get Rating) last issued its quarterly earnings data 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 positive return on equity of 8.46% and a negative net margin of 2.76%. The firm 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 EPS. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. Sell-side analysts anticipate 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 the firm’s stock in a transaction that occurred 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 sale, the executive vice president now owns 12,879 shares in the company, valued at $579,555. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.45% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. FMR LLC grew its position in Marvell Technology by 0.4% in the first quarter. FMR LLC now owns 128,532,727 shares of the semiconductor company’s stock worth $5,565,467,000 after buying an additional 555,578 shares during the last quarter. Vanguard Group Inc. boosted its stake in Marvell Technology by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 66,690,673 shares of the semiconductor company’s stock worth $2,861,697,000 after purchasing an additional 598,783 shares during the period. Moneta Group Investment Advisors LLC boosted its stake in Marvell Technology by 118,898.0% in 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 Marvell Technology by 123.6% in 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. Finally, T. Rowe Price Investment Management Inc. boosted its stake in Marvell Technology by 6.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock worth $936,082,000 after purchasing an additional 1,603,857 shares during the period. Institutional investors and hedge funds own 81.28% of the company’s stock.

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.