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

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research note published on Thursday.

A number of other research analysts have also recently issued reports on the stock. Piper Sandler reaffirmed an overweight rating and issued a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group lifted their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a buy rating in a report on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Rosenblatt Securities raised their price target on Marvell Technology from $100.00 to $120.00 and gave the company a buy rating in a research report on Friday, August 30th. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $91.62.

Marvell Technology Stock Up 2.0 %

MRVL opened at $74.01 on Thursday. The business has a 50 day simple moving average of $69.90 and a 200-day simple moving average of $69.93. The stock has a market capitalization of $64.06 billion, a P/E ratio of -65.50, a P/E/G ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a 12 month low of $46.07 and a 12 month high of $85.76.

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

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid 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 is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction 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. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 103,500 shares of company stock valued at $7,650,465 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently modified their holdings of the stock. Creative Planning lifted its position in Marvell Technology by 37.5% during the 3rd quarter. Creative Planning now owns 103,740 shares of the semiconductor company’s stock worth $7,482,000 after acquiring an additional 28,286 shares in the last quarter. Wesbanco Bank Inc. raised its stake in shares of Marvell Technology by 131.2% during the third quarter. Wesbanco Bank Inc. now owns 41,415 shares of the semiconductor company’s stock valued at $2,987,000 after purchasing an additional 23,500 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its position in shares of Marvell Technology by 320.3% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,418 shares of the semiconductor company’s stock worth $391,000 after purchasing an additional 4,129 shares in the last quarter. Sunflower Bank N.A. purchased a new position in shares of Marvell Technology in the third quarter valued at $207,000. Finally, Factory Mutual Insurance Co. grew its holdings in Marvell Technology by 143.3% during the 3rd quarter. Factory Mutual Insurance Co. now owns 148,809 shares of the semiconductor company’s stock valued at $10,732,000 after purchasing an additional 87,643 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.