Marvell Technology (NASDAQ:MRVL) Price Target Raised to $70.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective increased by stock analysts at JPMorgan Chase & Co. from $60.00 to $70.00 in a report released on Friday, The Fly reports. JPMorgan Chase & Co.‘s price objective suggests a potential upside of 41.50% from the stock’s current price.

Several other analysts have also weighed in on MRVL. Barclays increased their price target on Marvell Technology from $45.00 to $55.00 in a report on Friday. Piper Sandler cut their price objective on Marvell Technology from $55.00 to $50.00 and set an “overweight” rating on the stock in a research report on Friday, March 3rd. Credit Suisse Group cut their price objective on Marvell Technology from $56.00 to $53.00 and set an “outperform” rating on the stock in a research report on Friday, March 3rd. UBS Group cut their price objective on Marvell Technology from $75.00 to $60.00 in a research report on Friday, March 3rd. Finally, The Goldman Sachs Group cut their price objective on Marvell Technology from $54.00 to $46.00 and set a “buy” rating on the stock in a research report 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 stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $61.08.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $49.47 on Friday. The stock’s fifty day moving average is $41.16 and its 200 day moving average is $41.52. Marvell Technology has a fifty-two week low of $33.75 and a fifty-two week high of $61.50. The firm has a market capitalization of $42.50 billion, a PE ratio of -260.37, a PEG ratio of 16.16 and a beta of 1.44. 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 results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.02. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. During the same quarter in the prior year, the firm posted $0.37 EPS. Marvell Technology’s quarterly revenue was down 8.7% compared to the same quarter last year. On average, sell-side analysts anticipate that Marvell Technology will post 0.85 earnings per share for the current year.

Insider Activity at Marvell Technology

In related news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction dated 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 of the company’s stock, valued at $579,555. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 0.45% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Guardian Wealth Advisors LLC purchased a new stake in Marvell Technology in the third quarter valued at about $26,000. Barrett & Company Inc. purchased a new stake in Marvell Technology in the first quarter valued at about $26,000. MADDEN SECURITIES Corp purchased a new stake in Marvell Technology in the fourth quarter valued at about $27,000. Resurgent Financial Advisors LLC purchased a new stake in Marvell Technology in the fourth quarter valued at about $28,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in Marvell Technology in the fourth quarter valued at 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.