Marvell Technology (NASDAQ:MRVL) Upgraded at StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report published on Monday.

MRVL has been the subject of a number of other reports. Cantor Fitzgerald reaffirmed an overweight rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. KeyCorp raised their price target on Marvell Technology from $90.00 to $95.00 and gave the stock an overweight rating in a research note on Tuesday, July 9th. Stifel Nicolaus reiterated a buy rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America boosted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a buy rating in a research note 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 note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $91.62.

Marvell Technology Stock Performance

Marvell Technology stock opened at $70.87 on Monday. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. Marvell Technology has a twelve month low of $46.07 and a twelve month high of $85.76. The company’s 50-day moving average price is $68.20 and its 200-day moving average price is $69.57. The company has a market cap of $61.35 billion, a PE ratio of -62.72, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. On average, equities research analysts forecast that Marvell Technology will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares in the company, valued at $8,076,413.84. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock valued at $4,872,620 in the last 90 days. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC boosted its holdings in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology in the 1st quarter valued at about $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter worth about $32,000. Quarry LP purchased a new position in Marvell Technology during the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology in the first quarter valued at approximately $35,000. Hedge funds and other 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.