StockNews.com Upgrades Marvell Technology (NASDAQ:MRVL) to “Hold”

Marvell Technology (NASDAQ:MRVL) was upgraded by stock analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Wednesday.

Several other research analysts have also weighed in on MRVL. Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley upped their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

Shares of MRVL opened at $74.88 on Wednesday. The stock has a market capitalization of $64.82 billion, a price-to-earnings ratio of -66.27, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology has a 12 month low of $46.07 and a 12 month high of $85.76. The firm has a fifty day simple moving average of $68.19 and a 200 day simple moving average of $69.81. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the business posted $0.18 EPS. Research analysts forecast that Marvell Technology will post 0.77 EPS for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In other news, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In related news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at $15,311,380.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders sold a total of 160,000 shares of company stock worth $11,878,785 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC boosted its holdings 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 valued at $28,000 after acquiring an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter valued at about $31,000. Quarry LP bought a new stake in shares of Marvell Technology during the second quarter worth about $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology in the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors bought a new position in Marvell Technology in the 1st quarter valued at approximately $35,000. Institutional investors own 83.51% of the company’s stock.

About Marvell Technology

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.