Marvell Technology (NASDAQ:MRVL) Upgraded to “Strong-Buy” at TD Cowen

Marvell Technology (NASDAQ:MRVL) was upgraded by TD Cowen to a “strong-buy” rating in a research note issued to investors on Monday, Zacks.com reports.

Other equities analysts also recently issued research reports about the company. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Evercore ISI lifted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Tuesday, September 10th. Finally, KeyCorp increased their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

Shares of MRVL opened at $73.40 on Monday. The stock has a 50-day moving average of $68.26 and a 200-day moving average of $69.79. Marvell Technology has a one year low of $46.07 and a one year high of $85.76. 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 company has a market cap of $63.54 billion, a PE ratio of -64.96, a P/E/G ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.18 earnings per share. On average, equities research analysts predict that Marvell Technology will post 0.77 EPS for the current fiscal year.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the completion of the transaction, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 152,500 shares of company stock worth $11,328,240. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently modified their holdings of the company. Lazard Asset Management LLC lifted its stake in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after purchasing an additional 3,993,414 shares in the last quarter. Aspex Management HK Ltd raised its position in shares of 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 worth $344,525,000 after buying an additional 2,908,912 shares in the last quarter. Whale Rock Capital Management LLC bought a new stake in Marvell Technology during the first quarter valued at $181,559,000. Ameriprise Financial Inc. grew its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB increased its stake in Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.