Marvell Technology (NASDAQ:MRVL) Upgraded to Strong-Buy by TD Cowen

TD Cowen upgraded shares of Marvell Technology (NASDAQ:MRVL) to a strong-buy rating in a research report sent to investors on Monday, Zacks.com reports.

Several other research firms also recently commented on MRVL. Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the company an outperform rating in a research report on Friday, August 30th. Bank of America upped 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. Roth Mkm reissued a buy rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald restated an overweight rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Rosenblatt Securities lifted their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a buy rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $91.62.

Marvell Technology Trading Down 1.5 %

Shares of Marvell Technology stock opened at $73.40 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The business has a fifty day simple moving average of $68.26 and a two-hundred day simple moving average of $69.79. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The company has a market capitalization of $63.54 billion, a price-to-earnings ratio of -64.96, a P/E/G ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. Research analysts forecast that Marvell Technology will post 0.77 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s payout ratio is -21.24%.

Insider Transactions at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares of the company’s stock, valued at $26,044,472.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The disclosure for this sale can be found here. In the last quarter, insiders sold 152,500 shares of company stock valued at $11,328,240. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. Diversified Trust Co acquired a new position in shares of Marvell Technology in the second quarter valued at approximately $932,000. Orion Portfolio Solutions LLC raised its stake in shares of Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after acquiring an additional 10,306 shares during the last quarter. Hoylecohen LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth $658,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after purchasing an additional 88,918 shares during the period. Finally, Westwood Holdings Group Inc. bought a new stake in shares of Marvell Technology in the first quarter worth $6,985,000. 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.