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

Marvell Technology (NASDAQ:MRVL) had its price target boosted by analysts at TD Cowen from $60.00 to $70.00 in a research note issued on Friday,Briefing.com Automated Import reports. The brokerage presently has a “buy” rating on the semiconductor company’s stock. TD Cowen’s price target points to a potential upside of 9.84% from the company’s previous close.

Other analysts also recently issued reports about the stock. Cantor Fitzgerald downgraded shares of Marvell Technology from an “overweight” rating to a “neutral” rating and cut their price objective for the company from $125.00 to $60.00 in a research report on Wednesday, May 7th. Melius lowered shares of 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. Needham & Company LLC reduced their price objective on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Piper Sandler decreased their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Finally, Stifel Nicolaus cut their target price on Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $98.32.

Marvell Technology Trading Down 1.3%

Shares of NASDAQ MRVL opened at $63.73 on Friday. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48. The company has a market cap of $55.05 billion, a price-to-earnings ratio of -37.49, 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’s 50 day simple moving average is $58.96 and its 200 day simple moving average is $87.09.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping 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 firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period last year, the company earned $0.24 earnings per share. The firm’s revenue for the quarter was up 63.3% on a year-over-year basis. Equities research analysts expect that Marvell Technology will post 0.91 EPS for the current year.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 626 shares of the business’s stock in a transaction on Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the sale, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Brad W. Buss bought 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 33,541 shares of company stock valued at $2,079,948. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the company. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $26,000. Hughes Financial Services LLC acquired a new stake in Marvell Technology during the 1st quarter valued at $26,000. Rialto Wealth Management LLC purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $27,000. Rossby Financial LCC purchased a new stake in shares of Marvell Technology in the first quarter valued at $27,000. Finally, Financial Connections Group Inc. boosted its position in shares of 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 buying an additional 388 shares during the period. 83.51% of the stock is currently 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.