Marvell Technology (NASDAQ:MRVL – Free Report) had its price target cut by Evercore ISI from $135.00 to $133.00 in a research report released on Friday,Benzinga reports. They currently have an outperform rating on the semiconductor company’s stock.
A number of other research firms have also weighed in on MRVL. Cantor Fitzgerald reiterated a “neutral” rating and issued a $60.00 target price on shares of Marvell Technology in a research note on Friday. Stifel Nicolaus dropped their price target on Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a research report on Thursday, April 17th. KeyCorp dropped their price objective on Marvell Technology from $115.00 to $90.00 and set an “overweight” rating on the stock in a report on Friday. Benchmark restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a report on Friday. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.21.
View Our Latest Stock Report on Marvell Technology
Marvell Technology Trading Down 7.0%
Shares of NASDAQ:MRVL opened at $59.28 on Friday. The stock has a 50 day moving average of $58.72 and a 200 day moving average of $86.86. The company has a market cap of $51.21 billion, a PE ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm’s revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 EPS. As a group, equities research analysts expect that Marvell Technology will post 0.91 EPS for the current year.
Marvell Technology Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date was Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.
Insider Transactions at Marvell Technology
In related news, EVP Mark Casper sold 626 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the transaction, the executive vice president now owns 626 shares of the company’s stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 7th. The stock was acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57% increase in their position. The disclosure for this purchase can be found here. Insiders sold 33,541 shares of company stock valued at $2,079,948 over the last quarter. Company insiders own 0.33% of the company’s stock.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Norges Bank acquired a new position in Marvell Technology in the fourth quarter worth $1,138,354,000. GQG Partners LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $802,410,000. Nuveen Asset Management LLC grew its holdings in shares of Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Nuveen LLC bought a new position in shares of Marvell Technology during the first quarter valued at approximately $399,587,000. Finally, Goldman Sachs Group Inc. lifted its holdings in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.
About Marvell Technology
(Get Free Report)
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.
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