Needham & Company LLC Forecasts Strong Price Appreciation for Marvell Technology (NASDAQ:MRVL) Stock

Marvell Technology (NASDAQ:MRVL) had its price objective boosted by equities research analysts at Needham & Company LLC from $95.00 to $120.00 in a research report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 25.12% from the company’s current price.

Other analysts have also issued research reports about the stock. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday. The Goldman Sachs Group upped their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Barclays upped their target price on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Three 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, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $102.96.

Marvell Technology Stock Down 1.0 %

Shares of NASDAQ 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 debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company’s 50 day moving average price is $83.50 and its 200-day moving average price is $74.73. The company has a market capitalization of $85.00 billion, a P/E ratio of -86.41, a price-to-earnings-growth ratio of 4.19 and a beta of 1.46.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 in the last three months. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. increased its position in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the period. Swedbank AB grew its holdings in shares of Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the period. Temasek Holdings Private Ltd lifted its stake in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new stake in shares of Marvell Technology during the third quarter valued at approximately $120,116,000. Finally, Van ECK Associates Corp boosted its position in shares of Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. 83.51% of the stock is currently owned by 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.