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Tech Stocks Surge as Insider Sales, Key Investments, and Analyst Ratings Drive Market

AInvestThursday, Aug 15, 2024 6:30 pm ET
1min read
1. Marvell Technology (Nasdaq: MRVL)
Marvell Technology surged by 8.69%. Marvell Technology disclosed seven insider transactions on July 16, 2024, with executives including Hussain Muhammad Raghib selling shares. Keybanc maintained an Overweight rating on Marvell Technology and raised the price target to $95.00 on July 9, 2024.

2. Super Micromputer (Nasdaq: SMCI)
Super Micromputer surged by 8.6%. Super Micro Computer reported FY24 Q4 earnings below expectations but projected FY25 revenue to double. Goldman Sachs maintained a neutral rating and lowered the target price to $675. B of A Securities downgraded its rating to neutral and reduced the target price to $700.

3. Dell Technologies (NYSE: DELL)
Dell Technologies surged by 7.16%. JP Morgan and Wells Fargo maintain Overweight on Dell Technologies. JP Morgan raises the price target to $160.00, while Wells Fargo lowers it to $150.00. Dell Technologies reported Q1 2025 revenue of $22.44 billion with a net income of $955 million. Carlyle Group invests in Dell Technologies.

4. Cisco Systems (Nasdaq: CSCO)
Cisco Systems surged by 6.8%. Cisco Systems reported fiscal year 2024 revenue of $53.8 billion and net income of $10.32 billion. The company announced global layoffs, reducing the workforce by 7%, and will focus on AI and cybersecurity. Various analysts maintain mixed ratings with adjusted price targets.

5. On Semiconductor (Nasdaq: ON)
On Semiconductor surged by 6.75%. On Semiconductor invested $20 billion in a Czech town and signed a long-term supply agreement with Entegris for SiC technology solutions. The company reported Q2 2024 revenue of $3.98 billion and net profit of $792 million. JP Morgan and Deutsche Bank updated their ratings and target prices.
Disclaimer: the above is a summary showing certain market information. AInvest is not responsible for any data errors, omissions or other information that may be displayed incorrectly as the data is derived from a third party source. Communications displaying market prices, data and other information available in this post are meant for informational purposes only and are not intended as an offer or solicitation for the purchase or sale of any security. Please do your own research when investing. All investments involve risk and the past performance of a security, or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk, it does not assure a profit, or protect against loss in a down market.