Marvell Technology (NASDAQ:MRVL) Price Target Raised to $110.00 at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its target price upped by investment analysts at Wells Fargo & Company from $90.00 to $110.00 in a research note issued on Tuesday,Benzinga reports. The brokerage currently has an “overweight” rating on the semiconductor company’s stock. Wells Fargo & Company‘s price objective would indicate a potential upside of 19.25% from the stock’s previous close.

A number of other brokerages have also recently weighed in on MRVL. Benchmark lifted their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Oppenheimer raised their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday. Citigroup reaffirmed a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research note on Monday, October 14th. Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, Rosenblatt Securities upped their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $93.43.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $92.24 on Tuesday. The stock has a fifty day simple moving average of $80.67 and a 200-day simple moving average of $73.59. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market cap of $81.74 billion, a PE ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $95.09.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for 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 business’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.18 EPS. Equities analysts anticipate that Marvell Technology will post 0.78 earnings per share for the current year.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares in the company, valued at approximately $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock worth $20,899,260 over the last 90 days. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. True Wealth Design LLC grew its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the period. Strategic Investment Solutions Inc. IL bought a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC acquired a new position in Marvell Technology during the third quarter worth approximately $37,000. 83.51% of the stock is owned by institutional investors.

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.