Marvell Technology (NASDAQ:MRVL) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research report sent to investors on Friday.

Several other research firms have also recently issued reports on MRVL. The Goldman Sachs Group upped their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday, October 14th. Piper Sandler reissued an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Roth Mkm restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.77.

Marvell Technology Stock Performance

Shares of MRVL opened at $92.24 on Friday. Marvell Technology has a 1 year low of $50.35 and a 1 year high of $95.09. The stock has a market capitalization of $81.74 billion, a PE ratio of -83.10, a PEG ratio of 4.02 and a beta of 1.44. 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 stock has a 50-day simple moving average of $80.67 and a 200-day simple moving average of $73.59.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting 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 company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the previous year, the firm earned $0.18 earnings per share. The firm’s quarterly revenue was down 5.1% on a year-over-year basis. On average, analysts predict that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Insider Buying and Selling

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the business’s 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 sale, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their ownership of the stock. 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 quarter. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Synovus Financial Corp grew its position in shares of Marvell Technology by 60.5% in the third quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock valued at $468,000 after purchasing an additional 2,445 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in Marvell Technology during the 3rd quarter valued at $3,432,000. World Investment Advisors LLC increased its position in Marvell Technology by 1.4% during the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock worth $2,911,000 after buying an additional 560 shares in the last quarter. Sanctuary Advisors LLC raised its holdings in shares of Marvell Technology by 42.5% in the third 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 last quarter. Finally, Pine Valley Investments Ltd Liability Co lifted its position in shares of Marvell Technology by 8.0% in the third quarter. Pine Valley Investments Ltd Liability Co now owns 23,799 shares of the semiconductor company’s stock valued at $1,716,000 after acquiring an additional 1,773 shares in the last quarter. Institutional investors and hedge funds 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.