Marvell Technology (NASDAQ:MRVL) Given New $90.00 Price Target at Craig Hallum

Marvell Technology (NASDAQ:MRVLGet Rating) had its target price lowered by Craig Hallum to $90.00 in a research note released on Friday morning, Stock Target Advisor reports.

MRVL has been the topic of several other reports. Cowen decreased their price target on shares of Marvell Technology from $100.00 to $85.00 and set an outperform rating on the stock in a research report on Friday. Wells Fargo & Company decreased their price target on shares of Marvell Technology from $80.00 to $70.00 and set an equal weight rating on the stock in a research report on Friday, March 4th. Susquehanna Bancshares decreased their price target on shares of Marvell Technology from $105.00 to $90.00 and set a positive rating on the stock in a research report on Wednesday. Piper Sandler decreased their price target on shares of Marvell Technology from $100.00 to $80.00 in a research report on Friday, March 4th. Finally, Summit Insights downgraded shares of Marvell Technology from a buy rating to a hold rating in a research report on Friday, March 4th. One 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. According to data from MarketBeat.com, the company has a consensus rating of Buy and an average target price of $87.00.

Shares of MRVL stock opened at $60.82 on Friday. Marvell Technology has a 12-month low of $46.77 and a 12-month high of $93.85. The company has a current ratio of 1.80, a quick ratio of 1.28 and a debt-to-equity ratio of 0.29. The firm’s 50 day moving average is $61.92 and its 200 day moving average is $70.88. The stock has a market capitalization of $51.74 billion, a P/E ratio of -112.63, a P/E/G ratio of 1.80 and a beta of 1.27.

Marvell Technology (NASDAQ:MRVLGet Rating) last issued its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The company had revenue of $1.45 billion for the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the company posted $0.15 earnings per share. The firm’s quarterly revenue was up 73.8% on a year-over-year basis. As a group, equities analysts predict that Marvell Technology will post 1.73 earnings per share for the current year.

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

In related news, EVP Loi Nguyen sold 9,189 shares of Marvell Technology stock in a transaction dated Tuesday, April 26th. The shares were sold at an average price of $60.00, for a total transaction of $551,340.00. Following the completion of the sale, the executive vice president now owns 207,687 shares in the company, valued at approximately $12,461,220. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Dan Christman sold 4,810 shares of Marvell Technology stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $57.28, for a total transaction of $275,516.80. Following the sale, the executive vice president now 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. Over the last ninety days, insiders have sold 208,610 shares of company stock valued at $13,591,746. 0.45% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. BlackRock Inc. lifted its holdings in Marvell Technology by 3.4% during the 4th quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock valued at $6,190,323,000 after buying an additional 2,305,751 shares in the last quarter. Vanguard Group Inc. lifted its holdings in Marvell Technology by 2.9% during the 1st quarter. Vanguard Group Inc. now owns 64,581,244 shares of the semiconductor company’s stock valued at $4,631,120,000 after buying an additional 1,847,159 shares in the last quarter. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 15.7% in the 3rd quarter. Wellington Management Group LLP now owns 45,843,799 shares of the semiconductor company’s stock valued at $2,764,839,000 after purchasing an additional 6,222,814 shares in the last quarter. State Street Corp raised its holdings in shares of Marvell Technology by 0.9% in the 1st quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock valued at $1,336,123,000 after purchasing an additional 174,753 shares in the last quarter. Finally, Brown Advisory Inc. raised its holdings in shares of Marvell Technology by 20.7% in the 4th quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock valued at $1,115,193,000 after purchasing an additional 2,188,891 shares in the last quarter. Institutional investors own 83.11% of the company’s stock.

Marvell Technology Company Profile (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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