StockNews.com Upgrades Marvell Technology (NASDAQ:MRVL) to Hold

Marvell Technology (NASDAQ:MRVL) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a research note issued on Saturday.

A number of other brokerages have also recently issued reports on MRVL. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Morgan Stanley boosted their price target on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Oppenheimer restated an “outperform” rating and set a $80.00 price target (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Raymond James boosted their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Trading Down 4.8 %

NASDAQ:MRVL opened at $62.13 on Friday. The stock has a market capitalization of $53.80 billion, a price-to-earnings ratio of -57.53, a PEG ratio of 4.86 and a beta of 1.50. The firm has a fifty day simple moving average of $70.12 and a two-hundred day simple moving average of $62.20. Marvell Technology has a 12 month low of $36.90 and a 12 month high of $85.76. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue was up .6% on a year-over-year basis. During the same period last year, the company earned $0.34 earnings per share. Analysts expect that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its Board of Directors has approved a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now directly owns 109,117 shares in the company, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Insiders have sold 108,000 shares of company stock valued at $7,315,640 in the last quarter. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. Buck Wealth Strategies LLC boosted its position in Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 425 shares during the period. SRS Capital Advisors Inc. boosted its position in Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 281 shares during the period. SJS Investment Consulting Inc. boosted its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares during the period. Bruce G. Allen Investments LLC boosted its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the period. Finally, Resurgent Financial Advisors LLC purchased a new stake in Marvell Technology during the 4th quarter valued at $28,000. 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.