Marvell Technology (NASDAQ:MRVL) Lowered to Sell at StockNews.com

StockNews.com cut shares of Marvell Technology (NASDAQ:MRVL) from a hold rating to a sell rating in a report released on Wednesday morning.

Other analysts have also recently issued reports about the company. Roth Mkm restated a buy rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Benchmark upped their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a buy rating in a research report on Friday, August 30th. Needham & Company LLC reiterated a buy rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. KeyCorp upped their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an overweight rating in a research report on Tuesday, July 9th. Finally, Cantor Fitzgerald reiterated an overweight rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $91.62.

Marvell Technology Stock Performance

MRVL opened at $72.04 on Wednesday. The firm has a fifty day moving average price of $68.43 and a 200 day moving average price of $69.60. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The stock has a market cap of $62.36 billion, a P/E ratio of -63.75, a P/E/G ratio of 3.12 and a beta of 1.46. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the prior year, the company posted $0.18 EPS. The company’s revenue for the quarter was down 5.1% on a year-over-year basis. Equities research analysts anticipate 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 will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 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 owns 838,571 shares in the company, valued at approximately $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares in the company, valued at $1,593,250.02. The disclosure for this sale can be found here. Insiders sold a total of 160,000 shares of company stock valued at $11,880,685 over the last quarter. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its position in Marvell Technology by 10.6% in the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 64,669 shares of the semiconductor company’s stock valued at $4,664,000 after acquiring an additional 6,175 shares in the last quarter. Cavalry Management Group LLC purchased a new position in shares of Marvell Technology in the second quarter valued at approximately $216,000. Greater Midwest Financial Group LLC grew its holdings in shares of Marvell Technology by 11.1% in 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 purchasing an additional 2,146 shares in the last quarter. Centaurus Financial Inc. grew its holdings in shares of Marvell Technology by 50.4% in the second quarter. Centaurus Financial Inc. now owns 9,764 shares of the semiconductor company’s stock valued at $683,000 after purchasing an additional 3,273 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund increased its stake in 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 worth $5,616,000 after buying an additional 77,354 shares during the period. 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.