Needham Releases a Buy Rating on Marvell (MRVL)

Needham analyst Quinn Bolton assigned a Buy rating to Marvell (MRVLResearch Report) today and set a price target of $47.00. The company’s shares closed last Wednesday at $45.56.

According to TipRanks.com, Bolton is a top 25 analyst with an average return of 44.3% and a 77.6% success rate. Bolton covers the Technology sector, focusing on stocks such as MACOM Technology Solutions Holdings, Ultra Clean Holdings, and Axcelis Technologies.

Marvell has an analyst consensus of Strong Buy, with a price target consensus of $57.00, implying a 21.0% upside from current levels. In a report issued on February 24, Oppenheimer also maintained a Buy rating on the stock with a $60.00 price target.

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Based on Marvell’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $750 million and GAAP net loss of $22.91 million. In comparison, last year the company earned revenue of $662 million and had a GAAP net loss of $82.5 million.

Based on the recent corporate insider activity of 81 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.

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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.