Evercore ISI Increases Marvell Technology (NASDAQ:MRVL) Price Target to $98.00

Marvell Technology (NASDAQ:MRVL) had its price objective upped by Evercore ISI from $91.00 to $98.00 in a report published on Friday, Benzinga reports. The brokerage currently has an outperform rating on the semiconductor company’s stock.

A number of other equities research analysts have also weighed in on MRVL. Needham & Company LLC restated a buy rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday. Stifel Nicolaus increased their price objective on Marvell Technology from $86.00 to $90.00 and gave the stock a buy rating in a research note on Friday, May 31st. Morgan Stanley lifted their target price on Marvell Technology from $77.00 to $82.00 and gave the company an equal weight rating in a research report on Friday. Rosenblatt Securities reissued a buy rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Thursday, August 22nd. Finally, Oppenheimer reaffirmed an outperform rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has an average rating of Moderate Buy and an average target price of $91.62.

Marvell Technology Trading Up 9.2 %

Shares of Marvell Technology stock opened at $76.24 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76. The stock has a 50 day moving average price of $67.95 and a two-hundred day moving average price of $69.48. The stock has a market capitalization of $65.99 billion, a PE ratio of -67.47, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.26%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the firm posted $0.18 EPS. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. As a group, equities analysts anticipate that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at $8,466,647.56. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Thursday, August 15th. The stock was 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 owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The disclosure for this sale can be found here. Insiders have sold 65,500 shares of company stock valued at $4,872,620 in the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bruce G. Allen Investments LLC raised its stake in shares of 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 purchasing an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the 1st quarter valued at about $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter worth about $32,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the first quarter worth about $35,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.