Bank of America Increases Marvell Technology (NASDAQ:MRVL) Price Target to $90.00

Marvell Technology (NASDAQ:MRVL) had its price target boosted by Bank of America from $80.00 to $90.00 in a research report released on Wednesday,Benzinga reports. Bank of America currently has a buy rating on the semiconductor company’s stock.

A number of other analysts have also commented on MRVL. Evercore ISI reduced their target price on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating for the company in a report on Friday, May 30th. Rosenblatt Securities reissued a “buy” rating and issued a $124.00 target price on shares of Marvell Technology in a report on Wednesday. Melius Research lowered Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 target price for the company. in a report on Thursday, May 22nd. Benchmark reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Wednesday. Finally, Susquehanna dropped their price target on Marvell Technology from $110.00 to $90.00 and set a “positive” rating on the stock in a research note on Tuesday, May 27th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Down 1.9%

MRVL stock opened at $73.51 on Wednesday. Marvell Technology has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm has a market cap of $63.50 billion, a PE ratio of -128.96, a price-to-earnings-growth ratio of 0.81 and a beta of 1.76. The business has a 50 day moving average of $62.02 and a 200 day moving average of $84.50.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the company earned $0.24 EPS. The firm’s revenue for the quarter was up 63.3% on a year-over-year basis. On average, research analysts forecast that Marvell Technology will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -42.11%.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,286 shares of Marvell Technology stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the completion of the sale, the chief accounting officer now directly owns 32,094 shares in the company, valued at $2,086,110. This trade represents a 3.85% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 over the last ninety days. Corporate insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Norges Bank bought a new stake in shares of Marvell Technology in the fourth quarter worth about $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology in the fourth quarter worth about $802,410,000. Nuveen Asset Management LLC increased its holdings in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after purchasing an additional 6,543,132 shares during the last quarter. Nuveen LLC bought a new stake in Marvell Technology during the first quarter worth approximately $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

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.