Marvell Technology (NASDAQ:MRVL) Given New $85.00 Price Target at Needham & Company LLC

Marvell Technology (NASDAQ:MRVL) had its target price reduced by Needham & Company LLC from $100.00 to $85.00 in a report released on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company’s stock.

A number of other equities research analysts also recently weighed in on MRVL. Roth Capital set a $100.00 target price on Marvell Technology in a research report on Thursday, March 6th. UBS Group dropped their target price on Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a research report on Monday, May 19th. Bank of America dropped their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Susquehanna dropped their target price on Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a research report on Tuesday, May 27th. Finally, Melius Research downgraded Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 target price for the company. in a research report on Thursday, May 22nd. Seven analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $94.21.

Marvell Technology Trading Down 7.0%

Shares of MRVL opened at $59.28 on Friday. The stock has a fifty day moving average price of $58.72 and a two-hundred day moving average price of $86.81. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48. The company has a market cap of $51.21 billion, a price-to-earnings ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating 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 during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the previous year, the company posted $0.24 EPS. The business’s revenue for the quarter was up 63.3% compared to the same quarter last year. Analysts predict that Marvell Technology will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced 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 of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology’s payout ratio is -42.11%.

Insider Buying and Selling at Marvell Technology

In other news, Director Brad W. Buss acquired 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the transaction, the director now directly 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 acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 626 shares of the company’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now directly owns 626 shares of the company’s stock, valued at $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Intrepid Financial Planning Group LLC boosted its position in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after buying an additional 90 shares during the period. PDS Planning Inc boosted its position in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after buying an additional 92 shares during the period. Lodestone Wealth Management LLC boosted its position in shares of Marvell Technology by 2.0% during the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after buying an additional 93 shares during the period. Valley National Advisers Inc. boosted its position in shares of Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after buying an additional 96 shares during the period. Finally, Private Trust Co. NA boosted its position in shares of Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after buying an additional 97 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

About Marvell Technology

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.