Roth Mkm Reaffirms “Buy” Rating for Marvell Technology (NASDAQ:MRVL)

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating reissued by research analysts at Roth Mkm in a research report issued on Friday, Benzinga reports. They presently have a $95.00 price target on the semiconductor company’s stock. Roth Mkm’s target price would suggest a potential upside of 33.97% from the stock’s previous close.

Several other equities research analysts have also recently commented on MRVL. Morgan Stanley boosted their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. Raymond James increased their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. TD Cowen increased their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research note on Friday, March 8th. Finally, KeyCorp reduced their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $79.96.

Marvell Technology Stock Down 0.9 %

NASDAQ MRVL traded down $0.62 during trading hours on Friday, reaching $70.91. 7,336,437 shares of the company’s stock were exchanged, compared to its average volume of 14,309,368. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a market capitalization of $61.41 billion, a price-to-earnings ratio of -65.66, a price-to-earnings-growth ratio of 5.22 and a beta of 1.50. The company’s 50-day moving average is $70.33 and its two-hundred day moving average is $61.64. Marvell Technology has a one year low of $36.90 and a one year high of $85.76.

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

Marvell Technology declared that its Board of Directors has initiated a share buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total value of $326,300.00. Following the completion of the sale, the executive vice president now directly owns 124,117 shares in the company, valued at $8,099,875.42. The sale was disclosed in a filing with the SEC, which is available at this link. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.59, for a total transaction of $1,967,700.00. Following the sale, the chief executive officer now owns 792,929 shares of the company’s stock, valued at $52,008,213.11. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the completion of the transaction, the executive vice president now owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,000 shares of company stock valued at $7,188,790. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently bought and sold shares of the company. Moneta Group Investment Advisors LLC increased its stake in shares of Marvell Technology by 118,898.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after buying an additional 62,400,056 shares during the period. Norges Bank bought a new position in shares of Marvell Technology during the fourth quarter valued at $511,215,000. Matrix Capital Management Company LP lifted its holdings in shares of Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares during the period. Brown Advisory Inc. increased its holdings in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares during the period. Finally, Aspex Management HK Ltd increased its holdings in Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the period. 83.51% of the stock is currently owned by institutional investors.

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.