Marvell Technology (NASDAQ:MRVL) Rating Increased to Strong-Buy at TD Cowen

Marvell Technology (NASDAQ:MRVL) was upgraded by stock analysts at TD Cowen to a “strong-buy” rating in a research report issued to clients and investors on Monday, Zacks.com reports.

A number of other research analysts have also recently commented on MRVL. KeyCorp boosted their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Barclays upped their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI raised their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued 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, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 0.9 %

Shares of MRVL opened at $72.77 on Monday. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a fifty day moving average of $68.23 and a two-hundred day moving average of $69.80. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market capitalization of $62.99 billion, a PE ratio of -64.40, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46.

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

Insider Activity

In other Marvell Technology news, Director Daniel Durn acquired 1,425 shares of the stock in a transaction dated Monday, June 24th. The shares were bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Daniel Durn purchased 1,425 shares of the business’s stock in a transaction dated Monday, June 24th. The shares were purchased at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the acquisition, the director now directly owns 1,923 shares of the company’s stock, valued at $135,013.83. The disclosure for this purchase can be found here. Insiders sold a total of 160,000 shares of company stock worth $11,878,785 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Tlwm boosted its position in shares of Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock worth $601,000 after buying an additional 136 shares during the period. Bruce G. Allen Investments LLC grew its stake in 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. Trueblood Wealth Management LLC grew its stake in Marvell Technology by 3.2% during the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after acquiring an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. lifted its position in shares of Marvell Technology by 0.5% in the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after purchasing an additional 162 shares in the last quarter. Finally, Sheaff Brock Investment Advisors LLC boosted its holdings in shares of Marvell Technology by 0.4% during the first quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock worth $3,143,000 after purchasing an additional 168 shares during the period. Institutional investors and hedge funds 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.