Brokerages Set Marvell Technology, Inc. (NASDAQ:MRVL) Price Target at $85.00

Marvell Technology, Inc. (NASDAQ:MRVL) has earned a consensus rating of “Moderate Buy” from the twenty-two analysts that are currently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $85.00.

A number of analysts have recently issued reports on the company. UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, February 26th. KeyCorp cut their target price on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research note on Monday, April 8th. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, May 31st. Finally, Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th.

Marvell Technology Stock Down 1.8 %

Shares of MRVL opened at $71.89 on Wednesday. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The company’s fifty day moving average is $70.00 and its two-hundred day moving average is $67.75. The firm has a market cap of $62.23 billion, a PE ratio of -63.62, a price-to-earnings-growth ratio of 3.47 and a beta of 1.46. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28.

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

Marvell Technology declared that its Board of Directors has initiated a stock repurchase 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 purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board believes its shares are undervalued.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the sale, the chief financial officer now directly owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction 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 sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction 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 sale, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 79,500 shares of company stock worth $5,504,065. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Norges Bank purchased a new stake in shares of Marvell Technology in the fourth quarter valued at $511,215,000. Matrix Capital Management Company LP raised its position in Marvell Technology by 54.3% during the third 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 period. Lazard Asset Management LLC lifted its stake in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock worth $283,643,000 after acquiring an additional 3,993,414 shares in the last quarter. Brown Advisory Inc. boosted its position 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 worth $890,475,000 after acquiring an additional 3,036,495 shares during the period. Finally, Aspex Management HK Ltd grew 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 acquiring an additional 2,908,912 shares in the last quarter. Institutional investors and hedge funds 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.