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

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report published on Thursday.

Several other brokerages have also recently commented on MRVL. The Goldman Sachs Group raised their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a buy rating in a research report on Friday, August 30th. Barclays lifted their price objective on Marvell Technology from $80.00 to $85.00 and gave the company an overweight rating in a report on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a buy rating in a report on Friday, August 30th. Morgan Stanley lifted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an equal weight rating in a report on Friday, August 30th. Finally, Rosenblatt Securities lifted their price target on Marvell Technology from $100.00 to $120.00 and gave the company a buy rating in a report on Friday, August 30th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus price target of $91.62.

Marvell Technology Stock Up 0.9 %

NASDAQ:MRVL traded up $0.63 during mid-day trading on Thursday, reaching $73.17. The stock had a trading volume of 737,577 shares, compared to its average volume of 12,291,361. The business’s 50 day moving average is $69.60 and its 200 day moving average is $69.88. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The stock has a market cap of $64.84 billion, a P/E ratio of -65.35, a PEG ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 earnings per share. As a group, sell-side analysts predict that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the transaction, the chief financial officer now owns 109,318 shares in the company, valued at $8,076,413.84. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the firm’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 completion of the transaction, the chief executive officer now owns 208,915 shares in the company, valued at $15,311,380.35. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 110,000 shares of company stock worth $8,130,685 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Large investors have recently bought and sold shares of the business. Lazard Asset Management LLC boosted its stake in shares of Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares in the last quarter. Whale Rock Capital Management LLC acquired a new stake in shares of Marvell Technology during the first quarter valued at about $181,559,000. Ameriprise Financial Inc. boosted its stake in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Swedbank AB lifted its stake in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the period. Finally, Vanguard Group Inc. lifted its stake in shares of Marvell Technology by 2.7% in the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after acquiring an additional 1,890,753 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.