Marvell Technology, Inc. (NASDAQ:MRVL) Receives $91.62 Average Target Price from Brokerages

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) have been given an average rating of “Buy” by the twenty-two research firms that are presently covering the stock, MarketBeat.com reports. One analyst has rated the stock with a hold recommendation, twenty have issued a buy recommendation and one has given a strong buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $91.62.

A number of equities research analysts have recently commented on MRVL shares. 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. Barclays increased their price objective on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. The Goldman Sachs Group increased their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th.

Insider Transactions at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the transaction, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 261,000 shares of company stock valued at $20,330,835 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Salomon & Ludwin LLC acquired a new position in Marvell Technology in the first quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology during the 1st quarter worth about $35,000. Finally, Whittier Trust Co. boosted its position in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 0.4 %

Shares of NASDAQ MRVL opened at $81.61 on Tuesday. The business has a 50-day moving average price of $73.67 and a 200 day moving average price of $70.55. The stock has a market cap of $72.32 billion, a PE ratio of -73.52, a price-to-earnings-growth ratio of 3.62 and a beta of 1.45. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology has a 52-week low of $46.07 and a 52-week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting 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 company’s quarterly revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 EPS. Equities research analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

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.