KeyCorp Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $90.00

Marvell Technology (NASDAQ:MRVLGet Rating) had its target price trimmed by KeyCorp from $95.00 to $90.00 in a research note released on Friday, Stock Target Advisor reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on MRVL. Summit Insights downgraded Marvell Technology from a buy rating to a hold rating in a report on Friday, March 4th. Deutsche Bank Aktiengesellschaft cut their price objective on Marvell Technology from $80.00 to $75.00 in a research report on Friday. Susquehanna cut their price objective on Marvell Technology from $105.00 to $90.00 in a research report on Wednesday. Needham & Company LLC cut their price objective on Marvell Technology from $115.00 to $105.00 and set a buy rating for the company in a research report on Friday, March 4th. Finally, Wells Fargo & Company cut their price objective on Marvell Technology from $80.00 to $70.00 and set an equal weight rating for the company in a research report on Friday, March 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of Buy and a consensus price target of $87.00.

Shares of MRVL opened at $60.82 on Friday. The stock has a 50 day moving average price of $61.92 and a 200 day moving average price of $70.88. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. The company has a market capitalization of $51.74 billion, a price-to-earnings ratio of -112.63, a price-to-earnings-growth ratio of 1.80 and a beta of 1.27. Marvell Technology has a 52-week low of $46.77 and a 52-week high of $93.85.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its quarterly earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. The firm had revenue of $1.45 billion during the quarter, compared to the consensus estimate of $1.43 billion. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. The firm’s quarterly revenue was up 73.8% compared to the same quarter last year. During the same period in the prior year, the company posted $0.15 earnings per share. On average, equities analysts anticipate that Marvell Technology will post 1.73 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 27th. Investors of record on Friday, April 8th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date was Thursday, April 7th. Marvell Technology’s dividend payout ratio (DPR) is -44.44%.

In related news, EVP Loi Nguyen sold 9,778 shares of the company’s stock in a transaction that occurred on Wednesday, March 2nd. The shares were sold at an average price of $66.07, for a total transaction of $646,032.46. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Dan Christman sold 4,810 shares of the company’s stock in a transaction that occurred on Monday, May 16th. The stock was sold at an average price of $57.28, for a total transaction of $275,516.80. Following the transaction, the executive vice president now directly owns 108,393 shares of the company’s stock, valued at approximately $6,208,751.04. The disclosure for this sale can be found here. Insiders have sold 208,610 shares of company stock valued at $13,591,746 in the last ninety days. 0.45% of the stock is currently owned by company insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. BlackRock Inc. grew its stake in Marvell Technology by 3.4% during the fourth quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock worth $6,190,323,000 after buying an additional 2,305,751 shares during the period. Vanguard Group Inc. grew its stake in Marvell Technology by 2.9% during the first quarter. Vanguard Group Inc. now owns 64,581,244 shares of the semiconductor company’s stock worth $4,631,120,000 after buying an additional 1,847,159 shares during the period. Wellington Management Group LLP grew its stake in Marvell Technology by 15.7% during the third quarter. Wellington Management Group LLP now owns 45,843,799 shares of the semiconductor company’s stock worth $2,764,839,000 after buying an additional 6,222,814 shares during the period. State Street Corp grew its stake in Marvell Technology by 0.9% during the first quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock worth $1,336,123,000 after buying an additional 174,753 shares during the period. Finally, Brown Advisory Inc. grew its stake in Marvell Technology by 20.7% during the fourth quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock worth $1,115,193,000 after buying an additional 2,188,891 shares during the period. Institutional investors own 83.11% of the company’s stock.

About Marvell Technology (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

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