Marvell Technology, Inc. (NASDAQ:MRVL) Given Average Rating of “Buy” by Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has received an average recommendation of “Buy” from the twenty-two brokerages that are covering the company, Marketbeat.com reports. One analyst has rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 12-month price objective among analysts that have issued a report on the stock in the last year is $91.62.

MRVL has been the topic of a number of recent analyst reports. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. B. Riley boosted their price target on Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. Finally, Rosenblatt Securities boosted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research note on Friday, August 30th.

Insiders Place Their Bets

In other Marvell Technology news, 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 completion of the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other Marvell Technology news, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the completion of the sale, the chief executive officer now owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Ford Tamer sold 92,000 shares of Marvell Technology stock in a transaction 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 completion of the sale, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The disclosure for this sale can be found here. In the last 90 days, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Greater Midwest Financial Group LLC boosted its stake in Marvell Technology by 11.1% during the second quarter. Greater Midwest Financial Group LLC now owns 21,441 shares of the semiconductor company’s stock valued at $1,368,000 after buying an additional 2,146 shares during the last quarter. Centaurus Financial Inc. boosted its position in shares of Marvell Technology by 50.4% in the 2nd quarter. Centaurus Financial Inc. now owns 9,764 shares of the semiconductor company’s stock worth $683,000 after purchasing an additional 3,273 shares in the last quarter. Cavalry Management Group LLC acquired a new stake in Marvell Technology during the 2nd quarter worth about $216,000. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Marvell Technology by 2,591.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 80,339 shares of the semiconductor company’s stock valued at $5,616,000 after buying an additional 77,354 shares during the last quarter. Finally, Sanctuary Advisors LLC purchased a new position in shares of Marvell Technology in the 2nd quarter valued at about $3,665,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 3.2 %

Shares of NASDAQ MRVL opened at $73.45 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76. The stock has a market capitalization of $63.58 billion, a P/E ratio of -65.00, a PEG ratio of 3.12 and a beta of 1.46. The stock’s fifty day moving average is $68.24 and its 200 day moving average is $69.55.

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. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share. Sell-side analysts forecast that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Marvell Technology Company Profile

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.