Brokerages Set Marvell Technology, Inc. (NASDAQ:MRVL) Price Target at $91.62

Marvell Technology, Inc. (NASDAQ:MRVL) has received a consensus rating of “Buy” from the twenty-two ratings firms that are covering the firm, MarketBeat Ratings reports. One equities research analyst has rated the stock with a hold recommendation, twenty have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1 year price objective among analysts that have covered the stock in the last year is $91.62.

Several research analysts have recently commented on the company. Rosenblatt Securities raised their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Barclays raised their price target on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America increased their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $72.24 on Friday. Marvell Technology has a one year low of $46.07 and a one year 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 stock has a market cap of $62.53 billion, a PE ratio of -63.93, a P/E/G ratio of 3.12 and a beta of 1.46. The stock has a 50 day moving average price of $68.59 and a 200 day moving average price of $69.62.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.18 earnings per share. Equities research analysts expect that Marvell Technology will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.33%. The ex-dividend date is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at $1,593,250.02. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 160,000 shares of company stock worth $11,880,685. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in MRVL. Davidson Kempner Capital Management LP boosted its stake in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Diversified Trust Co purchased a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $932,000. Orion Portfolio Solutions LLC boosted its stake in shares of Marvell Technology by 47.1% during the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 10,306 shares in the last quarter. Ameriprise Financial Inc. boosted its stake in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after acquiring an additional 88,918 shares in the last quarter. Hedge funds and other institutional investors 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.