.png "Needham Reaffirms Their Buy Rating on Marvell (MRVL)")
Needham analyst Quinn Bolton maintained a Buy rating on Marvell (MRVL) today and set a price target of $28.00. The company’s shares closed last Wednesday at $25.01.
According to TipRanks.com, Bolton is a top 100 analyst with an average return of 18.6% and a 66.2% success rate. Bolton covers the Consumer Goods sector, focusing on stocks such as MACOM Technology Solutions Holdings, Advanced Energy Industries, and Ultra Clean Holdings.
Currently, the analyst consensus on Marvell is a Strong Buy with an average price target of $29.00, which is a 14.6% upside from current levels. In a report issued on April 8, Merrill Lynch also reiterated a Buy rating on the stock with a $29.00 price target.
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Based on Marvell’s latest earnings release for the quarter ending January 31, the company reported a quarterly revenue of $718 million and net profit of $1.77 billion. In comparison, last year the company earned revenue of $745 million and had a GAAP net loss of $261 million.
Based on the recent corporate insider activity of 90 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MRVL in relation to earlier this year.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Marvell Technology Group Ltd. engages in the design, development, and sale of integrated circuits. The company offers System-on-a-Chip devices, which leverages technology portfolio of intellectual property in the areas of analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It also develops integrated hardware platforms along with software that incorporates digital computing technologies designed and configured to provide an optimized computing solution. The company was founded by Sehat Sutardja, Weili Dai and Pantas Sutardja in January 1995 and is headquartered in Hamilton, Bermuda.
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