Marvell Technology (NASDAQ:MRVL) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report issued on Wednesday.

MRVL has been the subject of a number of other research reports. Piper Sandler reiterated an overweight rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Oppenheimer reiterated an outperform rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Stifel Nicolaus reissued a buy rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI upped their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Finally, Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an equal weight rating in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology presently has an average rating of Moderate Buy and a consensus target price of $91.62.

Marvell Technology Price Performance

Marvell Technology stock opened at $73.87 on Wednesday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market cap of $63.94 billion, a price-to-earnings ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The firm has a 50 day moving average price of $68.20 and a 200 day moving average price of $69.78.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the prior year, the firm posted $0.18 EPS. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. Sell-side analysts predict that Marvell Technology will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was acquired at an average cost of $70.21 per share, with a total value of $100,049.25. Following the acquisition, the director now owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. In the last quarter, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC lifted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in Marvell Technology in the first quarter worth $31,000. Quarry LP bought a new stake in Marvell Technology in the second quarter valued at $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the second quarter valued at $32,000. Finally, Optimum Investment Advisors acquired a new position in shares of Marvell Technology during the first quarter valued at $35,000. 83.51% of the stock is currently 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.