Marvell Technology, Inc. (NASDAQ:MRVL) Receives $81.13 Average Price Target from Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has been given an average recommendation of “Moderate Buy” by the twenty-one research firms that are presently covering the company, MarketBeat.com reports. One investment analyst has rated the stock with a hold recommendation and twenty have issued a buy recommendation on the company. The average 1 year target price among brokerages that have covered the stock in the last year is $81.13.

A number of analysts have issued reports on the company. Evercore ISI initiated coverage on Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. KeyCorp dropped their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research report on Monday, April 8th. Barclays increased their price target on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Finally, TD Cowen lifted their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,473,805 over the last quarter. 0.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $511,215,000. Matrix Capital Management Company LP boosted its position in shares of Marvell Technology by 54.3% during the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. grew its stake in shares of Marvell Technology by 25.9% during the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after purchasing an additional 3,036,495 shares during the period. Aspex Management HK Ltd increased its holdings in shares of Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA increased its holdings in shares of Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Performance

Marvell Technology stock opened at $68.51 on Tuesday. The firm has a 50 day simple moving average of $69.85 and a 200-day simple moving average of $63.12. The stock has a market cap of $59.33 billion, a price-to-earnings ratio of -63.43, a price-to-earnings-growth ratio of 4.88 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology has a 1-year low of $38.63 and a 1-year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the prior year, the business posted $0.34 earnings per share. On average, analysts expect that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology announced that its Board of Directors has authorized a stock repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its shares are undervalued.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

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.