Marvell (MRVL): New Buy Recommendation for This Technology Giant
In a report released yesterday, Rick Schafer from Oppenheimer reiterated a Buy rating on Marvell, with a price target of $170.00.
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Schafer covers the Technology sector, focusing on stocks such as Marvell, Nvidia, and Semtech. According to TipRanks, Schafer has an average return of 28.8% and a 73.65% success rate on recommended stocks.
In addition to Oppenheimer, Marvell also received a Buy from B. Riley Securities’s Craig Ellis in a report issued on April 13. However, on April 9, Cantor Fitzgerald maintained a Hold rating on Marvell (NASDAQ: MRVL).
Based on Marvell’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $2.22 billion and a net profit of $396.1 million. In comparison, last year the company earned a revenue of $1.82 billion and had a net profit of $200.2 million
Based on the recent corporate insider activity of 59 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. Earlier this month, Mark Casper, the EVP & CLO of MRVL sold 6,900.00 shares for a total of $755,205.00.
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