In a report released today, Craig Ellis from B.Riley FBR reiterated a Buy rating on Marvell (MRVL), with a price target of $34.00. The company’s shares closed last Thursday at $29.10, close to its 52-week high of $29.52.
According to TipRanks.com, Ellis is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -3.9% and a 41.3% success rate. Ellis covers the Technology sector, focusing on stocks such as Sequans Communications S A, Axcelis Technologies, and Methode Electronics.
Marvell has an analyst consensus of Moderate Buy, with a price target consensus of $29.15, a 1.1% upside from current levels. In a report issued on May 20, Oppenheimer also assigned a Buy rating to the stock with a $30.00 price target.
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Based on Marvell’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $718 million and net profit of $1.77 billion. In comparison, last year the company earned revenue of $745 million and had a GAAP net loss of $261 million.
Based on the recent corporate insider activity of 90 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MRVL in relation to earlier this year.
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Marvell Technology Group Ltd. engages in the design, development, and sale of integrated circuits. The company offers System-on-a-Chip devices, which leverages technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. The company was founded by Sehat Sutardja, Weili Dai and Pantas Sutardja in January 1995 and is headquartered in Hamilton, Bermuda.
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