Marvell Technology’s (MRVL) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reaffirmed their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a report issued on Wednesday morning,Benzinga reports. Rosenblatt Securities currently has a $124.00 price objective on the semiconductor company’s stock.

A number of other equities research analysts also recently weighed in on the stock. Morgan Stanley boosted their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a research report on Friday, May 30th. Evercore ISI cut their price target on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a report on Friday, May 30th. Cantor Fitzgerald restated a “neutral” rating and set a $60.00 price objective on shares of Marvell Technology in a research note on Friday, May 30th. Barclays cut their target price on Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. Finally, Stifel Nicolaus reduced their price target on shares of Marvell Technology from $115.00 to $80.00 and set a “buy” rating for the company in a report on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $96.33.

Marvell Technology Trading Down 1.9%

Shares of NASDAQ MRVL opened at $73.51 on Wednesday. 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 stock’s 50 day moving average price is $62.02 and its two-hundred day moving average price is $84.50. Marvell Technology has a 52-week low of $47.09 and a 52-week high of $127.48. The stock has a market capitalization of $63.50 billion, a P/E ratio of -128.96, a PEG ratio of 0.81 and a beta of 1.76.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s payout ratio is currently -42.11%.

Insiders Place Their Bets

In other news, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer now directly owns 92,065 shares in the company, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. lifted its stake in Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock valued at $3,926,326,000 after buying an additional 1,212,338 shares in the last quarter. Goldman Sachs Group Inc. raised its holdings in shares of 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 valued at $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Brown Advisory Inc. lifted its position in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after acquiring an additional 423,892 shares in the last quarter. Invesco Ltd. boosted its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Finally, Janus Henderson Group PLC grew its position in Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Institutional investors and hedge funds 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.