Oppenheimer Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its price objective increased by Oppenheimer from $90.00 to $110.00 in a research note issued to investors on Tuesday morning, Marketbeat reports. They currently have an outperform rating on the semiconductor company’s stock.

Several other equities research analysts have also issued reports on MRVL. Bank of America increased their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Needham & Company LLC restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, September 16th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $95.39.

Marvell Technology Stock Up 2.9 %

MRVL stock opened at $92.69 on Tuesday. The company has a market cap of $82.14 billion, a price-to-earnings ratio of -83.50, a P/E/G ratio of 3.92 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 business’s 50-day moving average is $82.13 and its two-hundred day moving average is $74.16. Marvell Technology has a fifty-two week low of $50.35 and a fifty-two week high of $95.55.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share 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 firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business earned $0.18 EPS. The business’s quarterly revenue was down 5.1% on a year-over-year basis. As a group, analysts forecast that Marvell Technology will post 0.78 earnings per share for the current 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 issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Insider Buying and Selling

In related news, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. This represents a 10.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, 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 sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. lifted its stake in Marvell Technology by 10.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 36,174 shares of the semiconductor company’s stock worth $2,564,000 after purchasing an additional 3,341 shares during the last quarter. Tidal Investments LLC lifted its stake in shares of Marvell Technology by 25.9% during the 1st quarter. Tidal Investments LLC now owns 91,213 shares of the semiconductor company’s stock worth $6,465,000 after acquiring an additional 18,752 shares during the last quarter. iA Global Asset Management Inc. grew its position in Marvell Technology by 4.7% in the 1st quarter. iA Global Asset Management Inc. now owns 81,230 shares of the semiconductor company’s stock valued at $5,758,000 after acquiring an additional 3,632 shares during the last quarter. Plato Investment Management Ltd grew its position in Marvell Technology by 853.3% in the 1st quarter. Plato Investment Management Ltd now owns 15,329 shares of the semiconductor company’s stock valued at $1,087,000 after acquiring an additional 13,721 shares during the last quarter. Finally, Wahed Invest LLC increased its stake in Marvell Technology by 12.5% in the first quarter. Wahed Invest LLC now owns 16,418 shares of the semiconductor company’s stock worth $1,164,000 after purchasing an additional 1,825 shares during the period. 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.