Marvell Technology (NASDAQ:MRVL) Given New $73.00 Price Target at Morgan Stanley

Marvell Technology (NASDAQ:MRVL) had its price target raised by Morgan Stanley from $70.00 to $73.00 in a report released on Friday,Benzinga reports. Morgan Stanley currently has an equal weight rating on the semiconductor company’s stock.

Several other analysts have also commented on MRVL. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. UBS Group decreased their price target on Marvell Technology from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. Roth Capital set a $100.00 price target on Marvell Technology in a research note on Thursday, March 6th. Stifel Nicolaus decreased their price target on Marvell Technology from $115.00 to $80.00 and set a “buy” rating on the stock in a research note on Thursday, April 17th. Finally, William Blair raised Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.21.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $59.28 on Friday. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The firm has a market capitalization of $51.21 billion, a PE ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The business’s 50 day moving average is $58.72 and its 200-day moving average is $86.86. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the firm earned $0.24 EPS. Marvell Technology’s revenue for the quarter was up 63.3% compared to the same quarter last year. Sell-side analysts predict that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.40%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Activity

In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the completion of the sale, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This represents a 6.82% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Brad W. Buss acquired 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the transaction, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have sold 33,541 shares of company stock valued at $2,079,948 over the last 90 days. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $26,000. Hughes Financial Services LLC acquired a new position in shares of Marvell Technology during the first quarter worth about $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter worth about $27,000. Rossby Financial LCC acquired a new position in shares of Marvell Technology during the first quarter worth about $27,000. Finally, Financial Connections Group Inc. boosted its position in shares of Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after buying an additional 388 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.