Marvell Technology (NASDAQ:MRVL) Coverage Initiated at Evercore ISI

Stock analysts at Evercore ISI initiated coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research report issued on Tuesday, MarketBeat.com reports. The firm set an “outperform” rating and a $88.00 price target on the semiconductor company’s stock. Evercore ISI’s target price would suggest a potential upside of 32.37% from the company’s previous close.

A number of other research analysts have also recently commented on MRVL. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. Roth Mkm reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Finally, Barclays increased their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Trading Down 2.6 %

Shares of MRVL opened at $66.48 on Tuesday. Marvell Technology has a twelve month low of $36.90 and a twelve month high of $85.76. The company has a market cap of $57.57 billion, a P/E ratio of -61.55, a P/E/G ratio of 4.96 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The company’s fifty day simple moving average is $70.37 and its 200-day simple moving average is $62.12.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.34 earnings per share. As a group, analysts expect that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology declared that its Board of Directors has approved a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at $49,312,626.90. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,000 shares of company stock valued at $7,315,640. 0.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Quilter Plc acquired a new stake in shares of Marvell Technology during the 1st quarter worth approximately $248,250,000. Bruce G. Allen Investments LLC grew its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. SRS Capital Advisors Inc. grew its stake in shares of Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 281 shares during the period. SJS Investment Consulting Inc. grew its stake in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the period. Finally, Buck Wealth Strategies LLC grew its stake in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops and scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.