Marvell Technology (NASDAQ:MRVL) Price Target Raised to $120.00 at Needham & Company LLC

Marvell Technology (NASDAQ:MRVL) had its price objective increased by Needham & Company LLC from $95.00 to $120.00 in a note issued to investors on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s target price suggests a potential upside of 25.12% from the stock’s current price.

A number of other research analysts also recently issued reports on the company. Loop Capital assumed coverage on Marvell Technology in a report on Monday, November 11th. They set a “hold” rating and a $95.00 price target on the stock. Wells Fargo & Company boosted their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research report on Tuesday, November 26th. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Susquehanna increased their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “positive” rating in a research note on Wednesday, November 27th. Three equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $102.96.

Marvell Technology Stock Performance

Shares of MRVL opened at $95.91 on Wednesday. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $98.72. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock has a market cap of $85.00 billion, a P/E ratio of -86.41, a P/E/G ratio of 4.19 and a beta of 1.46. The business’s 50 day moving average price is $83.50 and its 200-day moving average price is $74.73.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the transaction, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. True Wealth Design LLC grew its stake in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP acquired a new position in Marvell Technology during the 2nd quarter valued at approximately $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Marvell Technology during the third quarter worth $37,000. 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.