TD Cowen Increases Marvell Technology (NASDAQ:MRVL) Price Target to $70.00

Marvell Technology (NASDAQ:MRVL - Get Free Report) had its price objective boosted by equities research analysts at TD Cowen from $60.00 to $70.00 in a report released on Friday, MarketBeat.com reports. The brokerage presently has a "buy" rating on the semiconductor company's stock. TD Cowen's price objective would suggest a potential upside of 18.08% from the stock's current price.

MRVL has been the topic of several other reports. Piper Sandler decreased their target price on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Benchmark reduced their target price on shares of Marvell Technology from $135.00 to $95.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Wells Fargo & Company restated an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Needham & Company LLC lowered their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.21.

Marvell Technology Trading Down 7.0%

Shares of NASDAQ MRVL traded down $4.45 during midday trading on Friday, reaching $59.28. 48,266,075 shares of the stock were exchanged, compared to its average volume of 14,540,546. The stock has a 50 day moving average price of $58.72 and a 200-day moving average price of $86.86. 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 52-week low of $47.09 and a 52-week high of $127.48. The company has a market capitalization of $51.21 billion, a P/E ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The business had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period last year, the company earned $0.24 earnings per share. The company's quarterly revenue was up 63.3% on a year-over-year basis. Equities research analysts expect that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the company's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now directly owns 31,100 shares of the company's stock, valued at approximately $2,138,125. This represents a 4.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders sold 33,541 shares of company stock valued at $2,079,948 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Centricity Wealth Management LLC acquired a new stake in Marvell Technology during the 4th quarter worth about $26,000. Hughes Financial Services LLC acquired a new stake in Marvell Technology during the 1st quarter worth about $26,000. Rialto Wealth Management LLC acquired a new stake in Marvell Technology during the 4th quarter worth about $27,000. Rossby Financial LCC acquired a new stake in Marvell Technology during the 1st quarter worth about $27,000. Finally, Financial Connections Group Inc. raised its holdings in Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after buying an additional 388 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.