Marvell Technology's (MRVL) "Buy" Rating Reaffirmed at Needham & Company LLC

Marvell Technology (NASDAQ:MRVL - Get Free Report)'s stock had its "buy" rating reiterated by investment analysts at Needham & Company LLC in a report issued on Wednesday,Benzinga reports. They currently have a $85.00 price target on the semiconductor company's stock. Needham & Company LLC's target price indicates a potential upside of 21.45% from the company's previous close.

MRVL has been the topic of a number of other reports. Rosenblatt Securities reaffirmed a "buy" rating and issued a $124.00 target price on shares of Marvell Technology in a research note on Friday, May 30th. China Renaissance initiated coverage on shares of Marvell Technology in a report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price target on the stock. Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a report on Thursday, May 22nd. Raymond James Financial reiterated an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. Finally, Susquehanna lowered their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research report on Tuesday, May 27th. Seven research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $94.73.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $69.99 on Wednesday. The company's 50 day simple moving average is $60.89 and its two-hundred day simple moving average is $84.87. The stock has a market capitalization of $60.46 billion, a PE ratio of -122.79, a P/E/G ratio of 0.77 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the business posted $0.24 earnings per share. The firm's revenue was up 63.3% compared to the same quarter last year. Analysts predict that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer now owns 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock worth $1,656,076 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in the company. Centricity Wealth Management LLC bought a new stake in shares of Marvell Technology during the 4th quarter valued at $26,000. Hughes Financial Services LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $26,000. Rialto Wealth Management LLC bought a new stake in Marvell Technology during the fourth quarter worth about $27,000. Rossby Financial LCC bought a new stake in Marvell Technology during the first quarter worth about $27,000. Finally, Financial Connections Group Inc. grew its holdings in Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 388 shares during the period. Institutional investors own 83.51% of the company's stock.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.