Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Wells Fargo & Company Analyst Says

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price upped by stock analysts at Wells Fargo & Company from $90.00 to $110.00 in a report released on Tuesday,Benzinga reports. The brokerage presently has an "overweight" rating on the semiconductor company's stock. Wells Fargo & Company's price objective indicates a potential upside of 18.10% from the company's previous close.

Several other research firms have also issued reports on MRVL. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Roth Mkm reiterated a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a "buy" rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a "strong-buy" rating in a research report on Monday, September 16th. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $93.43.

Marvell Technology Stock Up 1.0 %

Shares of NASDAQ:MRVL traded up $0.90 during trading hours on Tuesday, hitting $93.14. The company's stock had a trading volume of 8,986,387 shares, compared to its average volume of 12,027,795. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The firm's fifty day moving average price is $81.05 and its 200 day moving average price is $73.76. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $95.09. The company has a market capitalization of $82.54 billion, a price-to-earnings ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The company had revenue of $1.27 billion for 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 firm's revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.18 earnings per share. As a group, research analysts expect that Marvell Technology will post 0.78 EPS for the current year.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company's stock, valued at approximately $1,593,250.02. This represents a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 267,000 shares of company stock worth $20,899,260. Company insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. B. Riley Wealth Advisors Inc. grew its position in shares of Marvell Technology by 10.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 36,174 shares of the semiconductor company's stock valued at $2,564,000 after purchasing an additional 3,341 shares in the last quarter. Tidal Investments LLC raised its holdings in shares of Marvell Technology by 25.9% during the 1st quarter. Tidal Investments LLC now owns 91,213 shares of the semiconductor company's stock worth $6,465,000 after acquiring an additional 18,752 shares during the period. iA Global Asset Management Inc. boosted its position in shares of Marvell Technology by 4.7% during the 1st quarter. iA Global Asset Management Inc. now owns 81,230 shares of the semiconductor company's stock valued at $5,758,000 after acquiring an additional 3,632 shares during the last quarter. Plato Investment Management Ltd grew its holdings in shares of Marvell Technology by 853.3% in the first quarter. Plato Investment Management Ltd now owns 15,329 shares of the semiconductor company's stock valued at $1,087,000 after purchasing an additional 13,721 shares during the period. Finally, Wahed Invest LLC raised its stake in Marvell Technology by 12.5% during the first quarter. Wahed Invest LLC now owns 16,418 shares of the semiconductor company's stock worth $1,164,000 after purchasing an additional 1,825 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Company Profile

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.