Oppenheimer Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL) had its price objective upped by investment analysts at Oppenheimer from $90.00 to $110.00 in a note issued to investors on Tuesday, MarketBeat Ratings reports. The firm currently has an “outperform” rating on the semiconductor company’s stock. Oppenheimer’s price target points to a potential upside of 22.09% from the stock’s previous close.

A number of other equities research analysts have also recently weighed in on the company. Loop Capital assumed coverage on Marvell Technology in a research note on Monday, November 11th. They issued a “hold” rating and a $95.00 price objective for the company. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Evercore ISI raised their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Piper Sandler reaffirmed an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, The Goldman Sachs Group raised their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Price Performance

Shares of MRVL opened at $90.10 on Tuesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a 1-year low of $50.35 and a 1-year high of $95.55. The stock has a market cap of $79.85 billion, a PE ratio of -83.91, a price-to-earnings-growth ratio of 4.01 and a beta of 1.44. The firm has a fifty day moving average price of $81.45 and a 200 day moving average price of $73.93.

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

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. This represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently modified their holdings of MRVL. Davidson Kempner Capital Management LP raised its holdings in Marvell Technology by 26.5% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after acquiring an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. acquired a new position in Marvell Technology in the third quarter valued at $16,435,000. Charles Schwab Investment Management Inc. lifted its position in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after buying an additional 66,654 shares during the period. Diversified Trust Co acquired a new stake in Marvell Technology in the 2nd quarter worth about $932,000. Finally, Silicon Valley Capital Partners grew its holdings in Marvell Technology by 254.6% in the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock valued at $2,378,000 after buying an additional 23,678 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.