Marvell Technology, Inc. (NASDAQ:MRVL) Receives $85.00 Consensus Target Price from Brokerages

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) have been assigned an average rating of “Moderate Buy” from the twenty-two ratings firms that are presently covering the firm, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold rating and twenty-one have issued a buy rating on the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $85.00.

MRVL has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, May 31st. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Barclays raised their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a report on Friday, May 31st. Finally, Roth Mkm reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th.

Marvell Technology Stock Performance

Marvell Technology stock opened at $68.26 on Wednesday. The stock has a market cap of $59.09 billion, a P/E ratio of -60.41, a price-to-earnings-growth ratio of 3.21 and a beta of 1.46. The firm’s fifty day moving average price is $70.00 and its 200-day moving average price is $68.21. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm’s revenue was down 12.2% compared to the same quarter last year. During the same quarter last year, the company earned $0.17 EPS. On average, equities research analysts expect that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Investors of record on Friday, July 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date is Friday, July 12th. Marvell Technology’s payout ratio is currently -21.24%.

Marvell Technology announced that its board has approved a share buyback plan on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at approximately $7,774,586.25. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Insiders sold 79,500 shares of company stock valued at $5,504,065 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in MRVL. Norges Bank purchased a new position in Marvell Technology in the 4th quarter worth approximately $511,215,000. Matrix Capital Management Company LP raised its stake in Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after buying an additional 4,634,127 shares during the last quarter. Lazard Asset Management LLC raised its stake in Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during the last quarter. Brown Advisory Inc. raised its stake in Marvell Technology by 25.9% during the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after buying an additional 3,036,495 shares during the last quarter. Finally, Aspex Management HK Ltd raised its stake in Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.