Marvell Technology, Inc. (NASDAQ:MRVL) Receives Consensus Rating of “Buy” from Analysts

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) have been assigned a consensus rating of “Buy” from the twenty-two analysts that are covering the firm, MarketBeat.com reports. One analyst has rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $91.62.

MRVL has been the topic of several analyst reports. Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Evercore ISI raised their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Wednesday, September 18th. Bank of America increased their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus restated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $70.31 on Friday. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm’s 50-day simple moving average is $68.40 and its 200 day simple moving average is $69.58. The firm has a market cap of $60.86 billion, a price-to-earnings ratio of -62.22, a P/E/G ratio of 3.12 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for 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%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, sell-side analysts predict that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is presently -21.24%.

Insider Activity

In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the sale, the executive vice president now directly owns 110,318 shares in the company, valued at $8,150,293.84. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares in the company, valued at approximately $8,150,293.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the sale, the chief financial officer now owns 109,318 shares of the company’s stock, valued at $8,076,413.84. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,500 shares of company stock valued at $11,703,610. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Lazard Asset Management LLC lifted its stake in Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during the period. Aspex Management HK Ltd lifted its position in shares of Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after acquiring an additional 2,908,912 shares during the period. Whale Rock Capital Management LLC acquired a new stake in Marvell Technology in the first quarter worth $181,559,000. Ameriprise Financial Inc. increased its stake in Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB raised its holdings in shares of Marvell Technology by 653.5% during the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after purchasing an additional 2,024,269 shares during the period. 83.51% of the stock is 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.