Marvell Technology, Inc. (NASDAQ:MRVL) Given Average Recommendation of “Moderate Buy” by Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has been given a consensus rating of “Moderate Buy” by the twenty-two brokerages that are covering the company, MarketBeat Ratings reports. One analyst has rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $91.62.

Several analysts recently commented on the company. Oppenheimer reiterated an “outperform” rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Barclays upped their target price on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. The Goldman Sachs Group upped their target price on Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday. Finally, Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday.

Marvell Technology Trading Up 9.2 %

Shares of NASDAQ:MRVL opened at $76.24 on Monday. Marvell Technology has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a market capitalization of $65.99 billion, a PE ratio of -67.47, a PEG ratio of 3.61 and a beta of 1.47. The business has a 50 day moving average of $67.95 and a two-hundred day moving average of $69.48. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The business’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.18 EPS. As a group, analysts forecast that Marvell Technology will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s 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 transaction, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the sale, the executive vice president now owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,500 shares of company stock worth $4,872,620. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently made changes to their positions in the stock. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter valued at $32,000. Clearbridge Investments LLC increased its stake in Marvell Technology by 3.0% during the second quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares during the last quarter. New Century Financial Group LLC increased its stake in Marvell Technology by 46.4% during the second quarter. New Century Financial Group LLC now owns 5,272 shares of the semiconductor company’s stock worth $369,000 after acquiring an additional 1,670 shares during the last quarter. Cetera Investment Advisers increased its stake in Marvell Technology by 13.4% during the second quarter. Cetera Investment Advisers now owns 199,109 shares of the semiconductor company’s stock worth $13,918,000 after acquiring an additional 23,591 shares during the last quarter. Finally, Truist Financial Corp increased its stake in Marvell Technology by 15.4% during the second quarter. Truist Financial Corp now owns 974,756 shares of the semiconductor company’s stock worth $68,135,000 after acquiring an additional 129,831 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.