Marvell Technology (NASDAQ:MRVL) had its target price increased by Evercore ISI from $55.00 to $63.00 in a research report report published on Tuesday morning, Analyst Price Targets reports. The firm currently has an outperform rating on the semiconductor company’s stock.
A number of other analysts have also recently commented on the stock. Rosenblatt Securities upped their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the company a buy rating in a report on Tuesday. Wells Fargo & Company increased their price objective on shares of Marvell Technology from $45.00 to $50.00 and gave the stock an equal weight rating in a research note on Tuesday. B. Riley upped their target price on shares of Marvell Technology from $56.00 to $66.00 and gave the stock a buy rating in a research report on Tuesday. Susquehanna restated a buy rating on shares of Marvell Technology in a research report on Thursday, June 3rd. Finally, Needham & Company LLC upped their target price on shares of Marvell Technology from $50.00 to $55.00 and gave the stock a buy rating in a research report on Tuesday. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. Marvell Technology has an average rating of Buy and an average price target of $54.70.
Shares of NASDAQ MRVL opened at $51.80 on Tuesday. The business has a 50 day moving average price of $47.06. The company has a market capitalization of $35.00 billion, a P/E ratio of -123.33, a PEG ratio of 2.32 and a beta of 1.10. Marvell Technology has a 52-week low of $32.53 and a 52-week high of $55.70. The company has a current ratio of 1.50, a quick ratio of 1.25 and a debt-to-equity ratio of 0.12.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be issued a $0.06 dividend. The ex-dividend date is Thursday, July 8th. This represents a $0.24 annualized dividend and a dividend yield of 0.46%. Marvell Technology’s dividend payout ratio (DPR) is presently 41.38%.
In related news, CEO Matthew J. Murphy sold 20,000 shares of the firm’s stock in a transaction dated Monday, May 17th. The shares were sold at an average price of $42.66, for a total value of $853,200.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Jean X. Hu sold 16,071 shares of the firm’s stock in a transaction dated Thursday, April 15th. The stock was sold at an average price of $48.54, for a total transaction of $780,086.34. Following the completion of the transaction, the chief financial officer now directly owns 73,182 shares in the company, valued at approximately $3,552,254.28. The disclosure for this sale can be found here. Insiders sold a total of 51,071 shares of company stock valued at $2,357,411 in the last 90 days. Company insiders own 0.33% of the company’s stock.
Hedge funds have recently bought and sold shares of the stock. International Assets Investment Management LLC increased its stake in Marvell Technology by 83.4% in the 1st quarter. International Assets Investment Management LLC now owns 23,192 shares of the semiconductor company’s stock worth $1,118,000 after buying an additional 10,546 shares during the period. Oppenheimer & Co. Inc. increased its position in Marvell Technology by 11.1% during the 4th quarter. Oppenheimer & Co. Inc. now owns 259,416 shares of the semiconductor company’s stock valued at $12,333,000 after purchasing an additional 25,848 shares during the period. Jag Capital Management LLC increased its position in Marvell Technology by 5.7% during the 1st quarter. Jag Capital Management LLC now owns 141,722 shares of the semiconductor company’s stock valued at $6,942,000 after purchasing an additional 7,691 shares during the period. Dimensional Fund Advisors LP increased its position in Marvell Technology by 0.5% during the 4th quarter. Dimensional Fund Advisors LP now owns 4,196,336 shares of the semiconductor company’s stock valued at $199,494,000 after purchasing an additional 21,679 shares during the period. Finally, Tsfg LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $60,000. 89.31% of the stock is currently owned by institutional investors.
About Marvell Technology
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.
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