Rosenblatt Securities Boosts Marvell Technology (NASDAQ:MRVL) Price Target to $120.00

Marvell Technology (NASDAQ:MRVL) had its target price lifted by Rosenblatt Securities from $100.00 to $120.00 in a research note published on Friday morning, Benzinga reports. Rosenblatt Securities currently has a buy rating on the semiconductor company’s stock.

A number of other equities research analysts have also recently commented on the company. 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. Barclays increased their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an overweight rating in a research report on Friday. Jefferies Financial Group began coverage on shares of Marvell Technology in a report on Monday, May 13th. They set a buy rating and a $85.00 price objective for the company. StockNews.com lowered shares of Marvell Technology from a hold rating to a sell rating in a report on Wednesday, May 15th. Finally, KeyCorp lifted 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. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and an average price target of $91.62.

Marvell Technology Stock Up 9.2 %

Shares of NASDAQ MRVL opened at $76.24 on Friday. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The firm’s 50-day moving average is $67.95 and its 200-day moving average is $69.48. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The firm has a market capitalization of $65.99 billion, a PE ratio of -67.47, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data 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 4.26%. The firm had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm earned $0.18 earnings per share. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. Equities analysts expect that Marvell Technology will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the stock in a transaction on Monday, June 24th. The shares were purchased at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the purchase, the director now owns 1,923 shares of the company’s stock, valued at $135,013.83. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, Director Daniel Durn acquired 1,425 shares of the firm’s stock in a transaction dated Monday, June 24th. The stock was bought at an average price of $70.21 per share, for a total transaction of $100,049.25. Following the acquisition, the director now directly owns 1,923 shares of the company’s stock, valued at $135,013.83. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares in the company, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock valued at $4,872,620 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC grew 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 during the period. Salomon & Ludwin LLC bought a new position in Marvell Technology during the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology during the second quarter worth approximately $32,000. Quarry LP bought a new stake in Marvell Technology in the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the first quarter valued at approximately $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.