Marvell Technology (NASDAQ:MRVL) Given New $65.00 Price Target at Needham & Company LLC

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target hoisted by equities researchers at Needham & Company LLC from $50.00 to $65.00 in a research note issued to investors on Friday, The Fly reports. Needham & Company LLC’s target price points to a potential upside of 11.93% from the company’s previous close.

Other equities analysts have also recently issued research reports about the company. Craig Hallum boosted their price target on Marvell Technology from $56.00 to $67.00 in a report on Friday. Susquehanna boosted their price target on Marvell Technology from $53.00 to $60.00 in a report on Friday. Credit Suisse Group lowered their price target on Marvell Technology from $56.00 to $53.00 and set an “outperform” rating for the company in a report on Friday, March 3rd. The Goldman Sachs Group lowered their price target on Marvell Technology from $54.00 to $46.00 and set a “buy” rating for the company in a report on Friday, March 3rd. Finally, Bank of America boosted their price target on Marvell Technology from $51.00 to $70.00 in a report on Friday. Three analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $62.85.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $58.07 on Friday. The stock has a fifty day moving average price of $41.16 and a 200-day moving average price of $41.52. The company has a market cap of $49.89 billion, a price-to-earnings ratio of -305.63, a PEG ratio of 16.16 and a beta of 1.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.37. Marvell Technology has a fifty-two week low of $33.75 and a fifty-two week high of $61.50.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 EPS. As a group, equities analysts anticipate that Marvell Technology will post 0.85 EPS for the current fiscal year.

Insiders Place Their Bets

In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $45.00, for a total value of $270,000.00. Following the completion of the sale, the executive vice president now directly owns 12,879 shares of the company’s stock, valued at $579,555. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently made changes to their positions in MRVL. Guardian Wealth Advisors LLC bought a new position in shares of Marvell Technology in the third quarter worth $26,000. Barrett & Company Inc. bought a new position in shares of Marvell Technology in the first quarter worth $26,000. MADDEN SECURITIES Corp bought a new stake in Marvell Technology during the fourth quarter valued at $27,000. Resurgent Financial Advisors LLC purchased a new position in Marvell Technology during the fourth quarter worth about $28,000. Finally, Trifecta Capital Advisors LLC purchased a new stake in shares of Marvell Technology in the 4th quarter valued at about $32,000. 81.28% of the stock is owned by institutional investors.

About Marvell Technology

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.