Wells Fargo & Company Boosts Marvell Technology (NASDAQ:MRVL) Price Target to $65.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its target price raised by equities research analysts at Wells Fargo & Company from $54.00 to $65.00 in a research note issued to investors on Friday, The Fly reports. Wells Fargo & Company‘s price objective suggests a potential upside of 31.39% from the stock’s current price.

A number of other equities research analysts have also issued reports on the company. Stifel Nicolaus increased their price target on Marvell Technology from $56.00 to $65.00 in a research note on Friday. The Goldman Sachs Group cut their price target on Marvell Technology from $54.00 to $46.00 and set a “buy” rating for the company in a research note on Friday, March 3rd. Needham & Company LLC reiterated a “buy” rating and issued a $50.00 price target on shares of Marvell Technology in a research note on Friday, March 3rd. Rosenblatt Securities cut their price target on Marvell Technology from $125.00 to $100.00 in a research note on Friday, March 3rd. Finally, Piper Sandler cut their price target on Marvell Technology from $55.00 to $50.00 and set an “overweight” rating for the company in a research note on Friday, March 3rd. Three research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $61.08.

Marvell Technology Trading Up 7.6 %

NASDAQ:MRVL opened at $49.47 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.37 and a quick ratio of 0.93. The firm has a market capitalization of $42.50 billion, a price-to-earnings ratio of -260.37, a price-to-earnings-growth ratio of 16.16 and a beta of 1.44. Marvell Technology has a one year low of $33.75 and a one year high of $61.50. The business has a fifty day moving average price of $41.16 and a 200-day moving average price of $41.52.

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

Insider Activity at Marvell Technology

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $45.00, for a total value of $270,000.00. Following the completion of the transaction, the executive vice president now owns 12,879 shares of the company’s stock, valued at approximately $579,555. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.45% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in MRVL. Guardian Wealth Advisors LLC bought a new stake in Marvell Technology in the third quarter worth about $26,000. Barrett & Company Inc. bought a new stake in Marvell Technology in the first quarter worth about $26,000. MADDEN SECURITIES Corp bought a new stake in Marvell Technology in the fourth quarter worth about $27,000. Resurgent Financial Advisors LLC bought a new stake in Marvell Technology in the fourth quarter worth about $28,000. Finally, Trifecta Capital Advisors LLC bought a new stake in Marvell Technology in the fourth quarter worth about $32,000. Institutional investors own 81.28% of the company’s stock.

About Marvell Technology

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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.