Evercore ISI Initiates Coverage on Marvell Technology (NASDAQ:MRVL)

Research analysts at Evercore ISI began coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued 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 price target suggests a potential upside of 29.64% from the company’s current price.

Other equities analysts also recently issued research reports about the stock. Raymond James lifted their target price 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. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday. Citigroup restated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Friday, March 8th. Finally, StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Price Performance

MRVL stock opened at $67.88 on Tuesday. The company has a fifty day moving average price of $70.40 and a 200-day moving average price of $61.99. The company has a market capitalization of $58.78 billion, a P/E ratio of -62.85, a PEG ratio of 5.13 and a beta of 1.50. Marvell Technology has a 52-week low of $36.90 and a 52-week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The firm 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 company’s revenue for the quarter was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. As a group, equities analysts expect that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology announced that its board has approved a stock repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the sale, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders sold a total of 73,000 shares of company stock valued at $4,894,790 over the last three months. Corporate insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. MetLife Investment Management LLC purchased a new stake in shares of Marvell Technology during the 1st quarter valued at approximately $1,210,000. Yousif Capital Management LLC lifted its stake in shares of Marvell Technology by 6.6% during the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after buying an additional 925 shares in the last quarter. Raymond James Trust N.A. lifted its stake in shares of Marvell Technology by 2.8% during the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock valued at $917,000 after buying an additional 344 shares in the last quarter. Cetera Investment Advisers lifted its stake in shares of Marvell Technology by 20.6% during the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock valued at $2,056,000 after buying an additional 4,888 shares in the last quarter. Finally, Sequoia Financial Advisors LLC lifted its stake in shares of Marvell Technology by 35.5% during the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock valued at $366,000 after buying an additional 1,337 shares in the last quarter. 83.51% of the stock is 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.