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

Marvell Technology (NASDAQ:MRVLFree Report) had its price objective decreased by Needham & Company LLC from $100.00 to $85.00 in a research report sent to investors on Friday,Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor company’s stock.

A number of other analysts also recently issued reports on MRVL. Roth Capital set a $100.00 price target on Marvell Technology in a research report on Thursday, March 6th. Rosenblatt Securities reiterated a “buy” rating and set a $124.00 price target on shares of Marvell Technology in a research report on Friday. Loop Capital upgraded Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price target for the company in a research report on Thursday, March 6th. Barclays dropped their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating for the company in a research report on Tuesday, April 22nd. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a research report 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 assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $94.21.

Check Out Our Latest Analysis on Marvell Technology

Marvell Technology Stock Performance

Shares of MRVL opened at $59.28 on Friday. The company has a market cap of $51.21 billion, a PE ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a 50-day moving average price of $58.72 and a 200-day moving average price of $86.86. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48.

Marvell Technology (NASDAQ:MRVLGet Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company’s revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter last year, the company posted $0.24 EPS. As a group, equities analysts forecast that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 33,541 shares of company stock valued at $2,079,948 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

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

About Marvell Technology

(Get Free Report)

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.

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