Needham & Company LLC Issues Pessimistic Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its target price cut by equities researchers at Needham & Company LLC from $100.00 to $85.00 in a report released on Friday,Benzinga reports. The firm currently has a "buy" rating on the semiconductor company's stock. Needham & Company LLC's target price indicates a potential upside of 43.39% from the stock's current price.

A number of other brokerages have also commented on MRVL. Bank of America cut their price target 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. Piper Sandler cut their price target on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 price target on shares of Marvell Technology in a research note on Friday. Melius lowered Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a research note on Thursday, May 22nd. Finally, Citigroup lowered their price objective on Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $94.21.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $4.45 during trading hours on Friday, hitting $59.28. The company's stock had a trading volume of 48,266,075 shares, compared to its average volume of 14,540,546. The stock has a fifty day simple moving average of $58.72 and a 200-day simple moving average of $86.86. The company has a market capitalization of $51.21 billion, a P/E ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. Marvell Technology has a twelve month low of $47.09 and a twelve month high of $127.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the firm posted $0.24 earnings per share. Marvell Technology's revenue was up 63.3% compared to the same quarter last year. On average, analysts anticipate that Marvell Technology will post 0.91 EPS for the current fiscal year.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Brad W. Buss acquired 3,000 shares of the firm's stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 33,541 shares of company stock worth $2,079,948 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Centricity Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter worth $26,000. Hughes Financial Services LLC purchased a new position in Marvell Technology in the first quarter worth $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter worth $27,000. Rossby Financial LCC purchased a new position in Marvell Technology in the first quarter worth $27,000. Finally, Financial Connections Group Inc. boosted its position 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 last quarter. Hedge funds and other 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.