Marvell Technology (NASDAQ:MRVL) Price Target Lowered to $90.00 at Susquehanna

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price cut by equities research analysts at Susquehanna from $110.00 to $90.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm presently has a "positive" rating on the semiconductor company's stock. Susquehanna's price target would suggest a potential upside of 51.82% from the company's previous close.

Several other research firms have also recently weighed in on MRVL. Cantor Fitzgerald cut shares of Marvell Technology from an "overweight" rating to a "neutral" rating and lowered their price objective for the company from $125.00 to $60.00 in a research report on Wednesday, May 7th. Melius Research cut shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a report on Thursday, May 22nd. Benchmark dropped their price objective on Marvell Technology from $135.00 to $95.00 and set a "buy" rating for the company in a report on Wednesday, May 7th. Bank of America reduced their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, TD Cowen dropped their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.21.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $4.45 during mid-day trading on Tuesday, hitting $59.28. The company had a trading volume of 48,266,075 shares, compared to its average volume of 14,539,482. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market capitalization of $51.21 billion, a price-to-earnings ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83. The stock's 50-day moving average price is $58.96 and its 200-day moving average price is $87.09.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. The company's quarterly revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts forecast that Marvell Technology will post 0.91 earnings per share for the current year.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 626 shares of the stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,239 shares of the firm's stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the sale, the chief accounting officer now owns 30,855 shares of the company's stock, valued at approximately $2,005,883.55. This represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in MRVL. Intrepid Financial Planning Group LLC increased its holdings in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after purchasing an additional 90 shares in the last quarter. PDS Planning Inc increased its holdings in Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares in the last quarter. Lodestone Wealth Management LLC raised its position in Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock worth $514,000 after buying an additional 93 shares during the last quarter. Valley National Advisers Inc. grew its stake in shares of Marvell Technology by 0.4% in the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock worth $2,775,000 after acquiring an additional 96 shares during the period. Finally, Private Trust Co. NA raised its holdings in shares of Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock valued at $414,000 after purchasing an additional 97 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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.