Marvell Technology (NASDAQ:MRVL) Receives Buy Rating from Citigroup

Citigroup reissued their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued to investors on Monday morning, Benzinga reports. The firm currently has a $91.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts also recently weighed in on the stock. 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. Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Evercore ISI boosted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 10th. Two equities research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $81.68 on Monday. The firm has a market cap of $70.70 billion, a PE ratio of -72.28, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The firm’s 50-day simple moving average is $70.72 and its 200-day simple moving average is $70.04. 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 1 year low of $46.07 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued 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 business had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior 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 analysts forecast that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.29%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy bought 13,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. In other Marvell Technology news, CEO Matthew J. Murphy bought 13,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the purchase, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 103,500 shares of company stock valued at $7,650,465 over the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently made changes to their positions in MRVL. Bruce G. Allen Investments LLC lifted its position 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 in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Quarry LP purchased a new stake in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology in the 1st quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.