Marvell Technology’s (MRVL) “Buy” Rating Reaffirmed at Citigroup

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating restated by investment analysts at Citigroup in a research note issued on Monday, Benzinga reports. They currently have a $91.00 target price on the semiconductor company’s stock. Citigroup’s target price indicates a potential upside of 18.78% from the stock’s current price.

Several other analysts also recently issued reports on MRVL. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday. Bank of America lifted their target price on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. The Goldman Sachs Group increased their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Finally, Benchmark lifted their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Up 3.5 %

Shares of MRVL stock traded up $2.60 during trading hours on Monday, reaching $76.61. The company had a trading volume of 2,024,521 shares, compared to its average volume of 12,274,424. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology has a twelve month low of $46.07 and a twelve month high of $85.76. The company has a market capitalization of $66.31 billion, a P/E ratio of -67.43, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The stock’s fifty day simple moving average is $69.90 and its 200 day simple moving average is $69.93.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate 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 positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. As a group, sell-side analysts expect that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction on Monday, September 16th. The shares were 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 in the company, valued at approximately $15,311,380.35. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 103,500 shares of company stock worth $7,650,465 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently bought and sold shares of the company. Bruce G. Allen Investments LLC raised its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter worth $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the second quarter worth $32,000. Quarry LP bought a new position in Marvell Technology in the second quarter valued at $32,000. Finally, Optimum Investment Advisors bought a new position in Marvell Technology in the first quarter valued at $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.