Marvell Technology, Inc. (NASDAQ:MRVL) Receives Average Rating of “Moderate Buy” from Brokerages

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Rating) have earned an average rating of "Moderate Buy" from the thirty-four brokerages that are presently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have assigned a hold rating and nineteen have issued a buy rating on the company. The average 12 month target price among brokerages that have covered the stock in the last year is $80.14.

A number of brokerages have commented on MRVL. Citigroup cut their price target on shares of Marvell Technology from $78.00 to $74.00 and set a "buy" rating for the company in a research note on Monday, August 29th. Morgan Stanley cut their target price on shares of Marvell Technology from $62.00 to $60.00 and set an "equal weight" rating for the company in a research note on Friday, August 26th. KeyCorp cut their target price on shares of Marvell Technology from $90.00 to $75.00 and set an "overweight" rating for the company in a research note on Friday, August 26th. BNP Paribas initiated coverage on shares of Marvell Technology in a research note on Tuesday, September 13th. They set an "outperform" rating and a $62.00 target price for the company. Finally, Bank of America raised their target price on shares of Marvell Technology from $60.00 to $65.00 in a research note on Sunday, August 28th.

Insider Activity

In other news, EVP Mitchell Gaynor sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.67, for a total value of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at approximately $5,508,888.21. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Dan Christman sold 14,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total value of $801,920.00. Following the sale, the executive vice president now directly owns 92,203 shares in the company, valued at approximately $5,281,387.84. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mitchell Gaynor sold 5,000 shares of the firm's stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.67, for a total transaction of $238,350.00. Following the completion of the sale, the executive vice president now owns 115,563 shares in the company, valued at $5,508,888.21. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,000 shares of company stock worth $1,279,020. Corporate insiders own 0.45% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently added to or reduced their stakes in the business. TCI Wealth Advisors Inc. boosted its position in Marvell Technology by 40.9% during the 1st quarter. TCI Wealth Advisors Inc. now owns 572 shares of the semiconductor company's stock worth $41,000 after buying an additional 166 shares during the period. MUFG Americas Holdings Corp boosted its position in Marvell Technology by 90.2% during the 1st quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company's stock worth $26,000 after buying an additional 175 shares during the period. Atticus Wealth Management LLC boosted its position in Marvell Technology by 62.2% during the 1st quarter. Atticus Wealth Management LLC now owns 459 shares of the semiconductor company's stock worth $33,000 after buying an additional 176 shares during the period. Clearstead Advisors LLC boosted its position in Marvell Technology by 35.4% during the 1st quarter. Clearstead Advisors LLC now owns 689 shares of the semiconductor company's stock worth $49,000 after buying an additional 180 shares during the period. Finally, HBC Financial Services PLLC boosted its position in Marvell Technology by 35.1% during the 1st quarter. HBC Financial Services PLLC now owns 770 shares of the semiconductor company's stock worth $45,000 after buying an additional 200 shares during the period. 80.95% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

Shares of MRVL opened at $42.91 on Monday. Marvell Technology has a 12 month low of $41.07 and a 12 month high of $93.85. The firm has a fifty day simple moving average of $49.96 and a 200 day simple moving average of $54.48. The stock has a market capitalization of $36.59 billion, a price-to-earnings ratio of -165.04, a PEG ratio of 1.74 and a beta of 1.51. The company has a current ratio of 1.35, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.

Marvell Technology (NASDAQ:MRVL - Get Rating) last announced its quarterly earnings results on Thursday, August 25th. The semiconductor company reported $0.57 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.01. The firm had revenue of $1.52 billion during the quarter, compared to analysts' expectations of $1.52 billion. Marvell Technology had a negative net margin of 3.95% and a positive return on equity of 7.94%. The company's revenue for the quarter was up 41.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.21 earnings per share. Research analysts forecast that Marvell Technology will post 1.61 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.56%. Marvell Technology's payout ratio is currently -92.31%.

Marvell Technology Company Profile

(Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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