Evercore ISI Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL) had its price target upped by equities research analysts at Evercore ISI from $98.00 to $122.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has an “outperform” rating on the semiconductor company’s stock. Evercore ISI’s price target would suggest a potential upside of 27.20% from the company’s previous close.

A number of other research firms also recently commented on MRVL. Benchmark upped their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Rosenblatt Securities boosted their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Barclays increased their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Finally, Susquehanna boosted their price target on shares of Marvell Technology from $95.00 to $110.00 and gave the company a “positive” rating in a report on Wednesday, November 27th. Three analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.43.

Marvell Technology Price Performance

Shares of MRVL stock opened at $95.91 on Monday. The firm’s 50 day moving average price is $83.50 and its two-hundred day moving average price is $74.73. The stock has a market cap of $85.00 billion, a PE ratio of -86.41, a PEG ratio of 4.19 and a beta of 1.46. Marvell Technology has a 52-week low of $50.35 and a 52-week high of $98.72. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Insider Buying and Selling

In related news, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Oddo BHF Asset Management Sas acquired a new stake in shares of Marvell Technology during the 3rd quarter valued at $10,944,000. Beaird Harris Wealth Management LLC raised its position in Marvell Technology by 2,313.8% in the third quarter. Beaird Harris Wealth Management LLC now owns 700 shares of the semiconductor company’s stock valued at $50,000 after purchasing an additional 671 shares during the last quarter. Peapack Gladstone Financial Corp boosted its stake in shares of Marvell Technology by 27.3% during the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock valued at $1,681,000 after purchasing an additional 5,005 shares in the last quarter. Synovus Financial Corp grew its holdings in shares of Marvell Technology by 60.5% during the third quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after purchasing an additional 2,445 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB acquired a new position in shares of Marvell Technology in the third quarter valued at approximately $3,432,000. Institutional investors own 83.51% of the company’s stock.

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.