Bank of America Boosts Marvell Technology (NASDAQ:MRVL) Price Target to $70.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target lifted by analysts at Bank of America from $51.00 to $70.00 in a research report issued on Friday, The Fly reports. Bank of America‘s price target would suggest a potential upside of 41.50% from the stock’s previous close.

MRVL has been the subject of a number of other reports. Susquehanna reissued a “positive” rating and issued a $50.00 target price on shares of Marvell Technology in a research report on Thursday, March 9th. The Goldman Sachs Group decreased their target price on Marvell Technology from $54.00 to $46.00 and set a “buy” rating for the company in a research report on Friday, March 3rd. JPMorgan Chase & Co. decreased their target price on Marvell Technology from $72.00 to $60.00 and set an “overweight” rating for the company in a research report on Friday, March 3rd. Rosenblatt Securities decreased their target price on Marvell Technology from $125.00 to $100.00 in a research report on Friday, March 3rd. Finally, Deutsche Bank Aktiengesellschaft upped their target price on Marvell Technology from $50.00 to $65.00 in a research report on Friday. Three investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $61.08.

Marvell Technology Trading Up 7.6 %

NASDAQ:MRVL opened at $49.47 on Friday. The stock has a 50-day simple moving average of $41.16 and a 200-day simple moving average of $41.52. The stock has a market cap of $42.50 billion, a P/E ratio of -260.37, a P/E/G ratio of 16.16 and a beta of 1.44. Marvell Technology has a 1 year low of $33.75 and a 1 year high of $61.50. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.37.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.29 by $0.02. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.30 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The business’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.37 EPS. As a group, analysts anticipate that Marvell Technology will post 0.85 earnings per share for the current fiscal year.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total transaction of $270,000.00. Following the sale, the executive vice president now owns 12,879 shares in the company, valued at approximately $579,555. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.45% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. MetLife Investment Management LLC acquired a new stake in Marvell Technology in the 1st quarter valued at about $1,210,000. Yousif Capital Management LLC lifted its stake in Marvell Technology by 6.6% during the first quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after buying an additional 925 shares in the last quarter. Raymond James Trust N.A. lifted its stake in Marvell Technology by 2.8% during the first quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock valued at $917,000 after buying an additional 344 shares in the last quarter. Cetera Investment Advisers lifted its stake in Marvell Technology by 20.6% during the first quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock valued at $2,056,000 after buying an additional 4,888 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in Marvell Technology by 35.5% during the first quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after buying an additional 1,337 shares in the last quarter. 81.28% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.