Marvell Technology (NASDAQ:MRVL) Upgraded to “Hold” by 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.

Several other analysts have also recently issued reports on the company. TD Cowen upgraded Marvell Technology to a strong-buy rating in a research note on Monday, September 16th. Rosenblatt Securities upped 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. Stifel Nicolaus reaffirmed a buy rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald reissued an overweight rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI raised their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an outperform rating in a research report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of Moderate Buy and an average price target of $91.62.

Marvell Technology Stock Up 2.0 %

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

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

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were 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 in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were 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 represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 103,500 shares of company stock worth $7,650,465. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new stake in Marvell Technology during the 1st quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Quarry LP purchased a new stake in Marvell Technology during the second quarter valued at about $32,000. Finally, Optimum Investment Advisors acquired a new position in shares of Marvell Technology in the first quarter worth about $35,000. 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.