Marvell Technology (NASDAQ:MRVL) Given New $110.00 Price Target at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its target price boosted by Wells Fargo & Company from $90.00 to $110.00 in a research report report published on Tuesday morning,Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other research reports. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Loop Capital initiated coverage on Marvell Technology in a research note on Monday, November 11th. They set a “hold” rating and a $95.00 price target on the stock. Finally, Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $95.39.

Marvell Technology Trading Up 2.9 %

Marvell Technology stock opened at $92.69 on Tuesday. Marvell Technology has a 52 week low of $50.35 and a 52 week high of $95.55. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a market capitalization of $82.14 billion, a PE ratio of -83.50, a PEG ratio of 3.92 and a beta of 1.44. The business’s 50-day simple moving average is $82.13 and its 200-day simple moving average is $74.16.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. Equities research analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Insiders Place Their Bets

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Peapack Gladstone Financial Corp lifted its position in Marvell Technology by 27.3% during the 3rd quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock valued at $1,681,000 after purchasing an additional 5,005 shares during the period. Synovus Financial Corp raised its stake in shares of Marvell Technology by 60.5% during the third quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after buying an additional 2,445 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new position in Marvell Technology in the third quarter valued at approximately $3,432,000. World Investment Advisors LLC boosted its stake in Marvell Technology by 1.4% in the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock valued at $2,911,000 after acquiring an additional 560 shares during the last quarter. Finally, Sanctuary Advisors LLC grew its holdings in Marvell Technology by 42.5% during the 3rd quarter. Sanctuary Advisors LLC now owns 75,027 shares of the semiconductor company’s stock worth $5,411,000 after acquiring an additional 22,382 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.