Marvell Technology (NASDAQ:MRVL) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued to investors on Tuesday, MarketBeat.com reports. The brokerage set an “outperform” rating and a $88.00 price target on the semiconductor company’s stock. Evercore ISI’s target price suggests a potential upside of 32.37% from the company’s previous close.

A number of other equities research analysts also recently commented on MRVL. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. Raymond James raised their target price on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 target price on shares of Marvell Technology in a report on Friday, April 12th. TD Cowen raised their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

Marvell Technology stock opened at $66.48 on Tuesday. Marvell Technology has a 12 month low of $36.90 and a 12 month high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The business has a 50 day simple moving average of $70.37 and a 200-day simple moving average of $62.12. The stock has a market capitalization of $57.57 billion, a PE ratio of -61.55, a price-to-earnings-growth ratio of 4.96 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. The company’s quarterly revenue was up .6% compared to the same quarter last year. Equities analysts predict that Marvell Technology will post 0.72 earnings per share for the current year.

Marvell Technology announced that its board has approved a stock repurchase plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $66.17, for a total value of $1,985,100.00. Following the transaction, the chief executive officer now directly owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 108,000 shares of company stock worth $7,315,640 in the last 90 days. 0.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Bruce G. Allen Investments LLC lifted its stake in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares in the last quarter. SJS Investment Consulting Inc. lifted its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Blue Trust Inc. lifted its position in Marvell Technology by 23.4% during the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 155 shares in the last quarter. Versant Capital Management Inc lifted its position in Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 161 shares in the last quarter. Finally, Edmond DE Rothschild Holding S.A. lifted its position in Marvell Technology by 0.5% during the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after acquiring an additional 162 shares in the last quarter. 83.51% of the stock is 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.