Marvell Technology (NASDAQ:MRVL) Upgraded by StockNews.com to Hold Rating

Marvell Technology (NASDAQ:MRVL) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research report issued on Friday.

MRVL has been the subject of a number of other reports. Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley upped their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Benchmark boosted their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Evercore ISI boosted their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.77.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL traded down $0.43 on Friday, reaching $92.51. 7,454,080 shares of the company’s stock were exchanged, compared to its average volume of 12,036,807. Marvell Technology has a fifty-two week low of $50.35 and a fifty-two week high of $95.09. The business’s 50-day moving average is $80.31 and its two-hundred day moving average is $73.36. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $81.98 billion, a price-to-earnings ratio of -83.34, a PEG ratio of 3.88 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter last year, the company posted $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. As a group, equities research analysts forecast that Marvell Technology will post 0.78 EPS for the current year.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,000 shares of company stock valued at $20,899,260. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. M&T Bank Corp raised its stake in shares of Marvell Technology by 0.5% during the 3rd quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company’s stock worth $6,275,000 after purchasing an additional 448 shares in the last quarter. TCW Group Inc. raised its position in Marvell Technology by 21.4% during the third quarter. TCW Group Inc. now owns 303,966 shares of the semiconductor company’s stock valued at $21,922,000 after acquiring an additional 53,641 shares in the last quarter. TD Private Client Wealth LLC lifted its stake in Marvell Technology by 5.6% in the third quarter. TD Private Client Wealth LLC now owns 25,970 shares of the semiconductor company’s stock valued at $1,873,000 after acquiring an additional 1,378 shares during the last quarter. Toronto Dominion Bank lifted its stake in Marvell Technology by 32.9% in the third quarter. Toronto Dominion Bank now owns 124,866 shares of the semiconductor company’s stock valued at $9,005,000 after acquiring an additional 30,893 shares during the last quarter. Finally, Coldstream Capital Management Inc. increased its stake in shares of Marvell Technology by 110.7% during the 3rd quarter. Coldstream Capital Management Inc. now owns 11,228 shares of the semiconductor company’s stock worth $810,000 after purchasing an additional 5,898 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.