Brokerages Set Marvell Technology, Inc. (NASDAQ:MRVL) PT at $91.62

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) have been given a consensus recommendation of “Moderate Buy” by the twenty-two research firms that are covering the company, Marketbeat.com reports. One research analyst has rated the stock with a hold rating and twenty-one have given a buy rating to the company. The average 1 year price target among brokerages that have covered the stock in the last year is $91.62.

Several research firms have recently weighed in on MRVL. KeyCorp upped their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Oppenheimer reiterated an “outperform” rating and issued a $90.00 price target (up previously from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Finally, Jefferies Financial Group began coverage on shares of Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 price target for the company.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The disclosure for this sale can be found here. Insiders sold a total of 65,500 shares of company stock worth $4,872,620 over the last quarter. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing 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 bought a new position in Marvell Technology during the second quarter worth about $32,000. Quarry LP bought a new position in Marvell Technology during the second quarter worth about $32,000. Finally, Optimum Investment Advisors bought a new position in Marvell Technology during the first quarter worth about $35,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $66.20 on Monday. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a 50 day moving average price of $68.15 and a two-hundred day moving average price of $69.64.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting 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 during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. 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 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

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.