Marvell Technology (NASDAQ:MRVL) Downgraded by StockNews.com

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

MRVL has been the subject of a number of other research reports. Jefferies Financial Group assumed coverage on shares of Marvell Technology in a research report on Monday, May 13th. They issued a buy rating and a $85.00 target price for the company. The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a buy rating in a research note on Friday, August 30th. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the company an overweight rating in a research report on Friday, August 30th. Cantor Fitzgerald restated an overweight rating and issued a $85.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Finally, Bank of America raised their target price on Marvell Technology from $85.00 to $90.00 and gave the company a buy rating in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of Moderate Buy and an average price target of $91.62.

Marvell Technology Trading Down 0.8 %

Shares of NASDAQ MRVL opened at $74.30 on Tuesday. Marvell Technology has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock’s 50 day simple moving average is $68.21 and its 200 day simple moving average is $69.73. The company has a market cap of $64.31 billion, a price-to-earnings ratio of -65.75, a price-to-earnings-growth ratio of 2.91 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting 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 business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the prior year, the firm earned $0.18 earnings per share. The company’s quarterly revenue was down 5.1% on a year-over-year basis. Equities research analysts expect that Marvell Technology will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Investors of record on Friday, July 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s payout ratio is -21.24%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following 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 have sold 65,500 shares of company stock worth $4,872,620 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC increased its stake 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 worth $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new position in shares of Marvell Technology during the first quarter worth approximately $31,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the second quarter valued at approximately $32,000. Quarry LP acquired a new stake in shares of Marvell Technology in the second quarter worth $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology during the 1st quarter valued at $35,000. 83.51% of the stock is currently 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.