Marvell Technology (NASDAQ:MRVL) Price Target Cut to $50.00

Posted by Defense World Staff on Mar 5th, 2023

Marvell Technology (NASDAQ:MRVL – Get Rating) had its target price cut by research analysts at Deutsche Bank Aktiengesellschaft from $55.00 to $50.00 in a report issued on Friday, The Fly reports. The firm currently has a “buy” rating on the semiconductor company’s stock. Deutsche Bank Aktiengesellschaft’s target price suggests a potential upside of 13.53% from the stock’s current price.

MRVL has been the topic of several other reports. Barclays dropped their price target on Marvell Technology from $55.00 to $45.00 and set an “overweight” rating on the stock in a research report on Monday, January 23rd. Oppenheimer dropped their price target on Marvell Technology from $80.00 to $70.00 in a research report on Tuesday, January 10th. Piper Sandler dropped their price target on Marvell Technology from $80.00 to $55.00 and set an “overweight” rating on the stock in a research report on Friday, December 2nd. Susquehanna dropped their price target on Marvell Technology from $60.00 to $55.00 and set a “positive” rating on the stock in a research report on Wednesday, February 22nd. Finally, Needham & Company LLC dropped their target price on Marvell Technology from $64.00 to $50.00 and set a “buy” rating on the stock in a research report on Friday, December 2nd. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and twenty-two have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.54.

Marvell Technology Trading Down 4.7 %

Shares of NASDAQ MRVL opened at $44.04 on Friday. Marvell Technology has a 12 month low of $33.75 and a 12 month high of $76.59. The company has a market cap of $37.57 billion, a price-to-earnings ratio of -231.79, a P/E/G ratio of 3.08 and a beta of 1.47. The company has a quick ratio of 0.92, a current ratio of 1.31 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $41.97 and a 200-day simple moving average of $42.93.

Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 EPS for the quarter, missing the consensus estimate of $0.47 by ($0.01). Marvell Technology had a negative net margin of 2.76% and a positive return on equity of 8.47%. The company had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same period in the prior year, the company earned $0.35 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Sell-side analysts predict that Marvell Technology will post 1.38 EPS for the current year.

Insider Activity at Marvell Technology

In related news, CAO Willem A. Meintjes sold 10,000 shares of the stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $34.92, for a total transaction of $349,200.00. Following the completion of the sale, the chief accounting officer now owns 72,896 shares in the company, valued at approximately $2,545,528.32. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, February 1st. 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 owns 18,879 shares in the company, valued at approximately $849,555. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Willem A. Meintjes sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, January 6th. The stock was sold at an average price of $34.92, for a total value of $349,200.00. Following the completion of the sale, the chief accounting officer now owns 72,896 shares of the company’s stock, valued at approximately $2,545,528.32. The disclosure for this sale can be found here. Insiders sold a total of 68,978 shares of company stock worth $2,881,891 in the last 90 days. 0.45% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds have recently modified their holdings of the company. MetLife Investment Management LLC acquired a new position in shares of Marvell Technology in the 1st quarter worth approximately $1,210,000. Yousif Capital Management LLC raised its holdings in shares of Marvell Technology by 6.6% in the 1st quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock worth $1,070,000 after buying an additional 925 shares in the last quarter. Raymond James Trust N.A. raised its holdings in shares of Marvell Technology by 2.8% in the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after buying an additional 344 shares in the last quarter. Cetera Investment Advisers raised its holdings in shares of Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock worth $2,056,000 after buying an additional 4,888 shares in the last quarter. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Marvell Technology by 35.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock worth $366,000 after buying an additional 1,337 shares in the last quarter. Institutional investors own 81.28% of the company’s stock.

Marvell Technology Company Profile

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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.