Marvell Technology, Inc. (NASDAQ:MRVL) Receives $81.13 Consensus Price Target from Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has been given an average rating of “Moderate Buy” by the twenty-one analysts that are currently covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a hold recommendation and twenty have assigned a buy recommendation to the company. The average 12 month price target among brokers that have updated their coverage on the stock in the last year is $81.13.

MRVL has been the topic of a number of recent research reports. B. Riley reissued a “buy” rating and issued a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Barclays upped their price objective on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Monday, March 4th. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th.

Marvell Technology Stock Up 4.5 %

Shares of Marvell Technology stock opened at $66.67 on Tuesday. The business’s 50 day simple moving average is $69.84 and its 200 day simple moving average is $62.95. Marvell Technology has a 52-week low of $38.63 and a 52-week high of $85.76. The firm has a market cap of $57.74 billion, a PE ratio of -61.73, a P/E/G ratio of 4.82 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

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

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology announced that its board has initiated a stock repurchase program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s board believes its stock is undervalued.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the last quarter. SJS Investment Consulting Inc. raised its position in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the last quarter. Salomon & Ludwin LLC bought a new position in Marvell Technology in the first quarter valued at about $31,000. Buck Wealth Strategies LLC raised its position in Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares during the last quarter. Finally, Optimum Investment Advisors bought a new position in Marvell Technology in the first quarter valued at about $35,000. 83.51% of the stock is currently owned by institutional investors.

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.