Marvell Technology (NASDAQ:MRVL) Rating Increased to Hold 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 Friday morning.

Other research analysts have also issued reports about the company. 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 report on Friday, August 30th. The Goldman Sachs Group raised their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a report on Friday, August 30th. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Monday, October 14th. Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, Bank of America increased their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty have issued 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 $91.77.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $92.24 on Friday. The company has a market cap of $81.74 billion, a P/E ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44. The business has a fifty day simple moving average of $80.67 and a 200-day simple moving average of $73.59. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $95.09. 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 (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is currently -21.62%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. This represents a 20.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 267,000 shares of company stock valued at $20,899,260 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC grew its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new position in Marvell Technology during the 3rd quarter worth $37,000. 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.