Marvell Technology (NASDAQ:MRVL) Rating Reiterated by Needham & Company LLC

Marvell Technology (NASDAQ:MRVL)‘s stock had its “buy” rating restated by Needham & Company LLC in a research report issued on Friday, Benzinga reports. They presently have a $95.00 target price on the semiconductor company’s stock. Needham & Company LLC’s price target suggests a potential upside of 35.40% from the company’s previous close.

MRVL has been the subject of a number of other research reports. Citigroup reaffirmed a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. Barclays upped their price target on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. Morgan Stanley upped their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Finally, KeyCorp lowered their price target on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $79.96.

Marvell Technology Trading Down 1.9 %

NASDAQ MRVL opened at $70.16 on Friday. Marvell Technology has a 1-year low of $36.90 and a 1-year high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a 50-day moving average of $70.38 and a 200-day moving average of $61.83. The firm has a market cap of $60.76 billion, a PE ratio of -64.96, a price-to-earnings-growth ratio of 5.23 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the company posted $0.34 EPS. Marvell Technology’s revenue for the quarter was up .6% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology announced that its board has authorized a stock repurchase program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the sale, the executive vice president now owns 124,117 shares in the company, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders have sold 108,000 shares of company stock worth $7,188,790 in the last 90 days. Insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors have recently added to or reduced their stakes in the business. Buck Wealth Strategies LLC boosted its stake in Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares during the last quarter. SRS Capital Advisors Inc. lifted its holdings in shares of Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 281 shares during the period. SJS Investment Consulting Inc. lifted its holdings in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the period. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. Finally, Resurgent Financial Advisors LLC bought a new position in Marvell Technology in the 4th quarter worth $28,000. 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.