Brokerages Set Marvell Technology, Inc. (NASDAQ:MRVL) Price Target at $91.62

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

Several research firms recently commented on MRVL. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, August 30th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Wednesday, September 18th. KeyCorp raised their price objective on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Morgan Stanley upped their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th.

Marvell Technology Stock Down 3.3 %

MRVL stock opened at $70.99 on Friday. The firm’s fifty day simple moving average is $68.33 and its 200-day simple moving average is $69.53. The company has a market capitalization of $61.45 billion, a P/E ratio of -62.82, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. 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 earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period last year, the company earned $0.18 earnings per share. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. As a group, equities research analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders sold 157,500 shares of company stock worth $11,703,610 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions in the stock. Lazard Asset Management LLC increased its holdings 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 valued at $283,643,000 after purchasing an additional 3,993,414 shares during the last quarter. Aspex Management HK Ltd boosted its position in shares of Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after buying an additional 2,908,912 shares during the period. Whale Rock Capital Management LLC purchased a new stake in shares of Marvell Technology in the 1st quarter valued at $181,559,000. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB boosted its holdings in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after acquiring an additional 2,024,269 shares during the period. 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.