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Marvell Technology (NASDAQ:MRVL – Free Report) had its price target boosted by Morgan Stanley from $70.00 to $73.00 in a research report released on Friday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.
A number of other equities analysts have also commented on MRVL. Wells Fargo & Company lowered their price objective on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating on the stock in a research note on Friday. Roth Capital set a $100.00 price objective on Marvell Technology in a research note on Thursday, March 6th. Redburn Atlantic assumed coverage on Marvell Technology in a research note on Wednesday. They set a “neutral” rating and a $67.00 price objective on the stock. Cantor Fitzgerald restated a “neutral” rating and set a $60.00 price objective on shares of Marvell Technology in a research note on Friday. Finally, Citigroup lowered their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Seven analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $94.21.
View Our Latest Stock Analysis on MRVL
Marvell Technology Price Performance
Shares of NASDAQ MRVL opened at $59.28 on Friday. The firm has a market cap of $51.21 billion, a P/E ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The business’s 50 day moving average is $58.72 and its 200-day moving average is $86.86.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm’s quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.24 earnings per share. Equities research analysts predict that Marvell Technology will post 0.91 earnings per share for the current year.
Marvell Technology Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.
Insider Activity at Marvell Technology
In related news, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the firm’s stock in a transaction on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the sale, the chief accounting officer now directly owns 30,855 shares in the company, valued at approximately $2,005,883.55. This trade represents a 3.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 in the last 90 days. 0.33% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Centricity Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter worth about $26,000. Hughes Financial Services LLC acquired a new position in Marvell Technology during the 1st quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter worth about $27,000. Rossby Financial LCC acquired a new position in Marvell Technology during the 1st quarter worth about $27,000. Finally, Financial Connections Group Inc. lifted its holdings in Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after buying an additional 388 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.
About Marvell Technology
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.
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