Marvell Technology (NASDAQ:MRVL) Given Buy Rating at Benchmark

Benchmark reaffirmed their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a report released on Wednesday morning,Benzinga reports. They currently have a $95.00 price objective on the semiconductor company’s stock.

A number of other research analysts have also issued reports on MRVL. China Renaissance initiated coverage on shares of Marvell Technology in a report on Thursday, June 5th. They issued a “buy” rating and a $110.00 target price on the stock. Morgan Stanley upped their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a research note on Friday, May 30th. Susquehanna dropped their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a research note on Tuesday, May 27th. Wells Fargo & Company dropped their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Finally, TD Cowen upped their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $96.33.

Marvell Technology Price Performance

Marvell Technology stock opened at $74.95 on Wednesday. Marvell Technology has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm’s 50-day simple moving average is $61.17 and its 200 day simple moving average is $84.80. The firm has a market capitalization of $64.74 billion, a PE ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the firm earned $0.24 EPS. On average, equities research analysts predict that Marvell Technology will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date is Friday, July 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -42.11%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the transaction, the chief financial officer now directly owns 121,348 shares in the company, valued at $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. In the last three months, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Centricity Wealth Management LLC bought a new position in Marvell Technology during the fourth quarter worth $26,000. Hughes Financial Services LLC bought a new position in Marvell Technology during the first quarter worth $26,000. Rialto Wealth Management LLC bought a new position in Marvell Technology during the fourth quarter worth $27,000. Rossby Financial LCC bought a new position in Marvell Technology during the first quarter worth $27,000. Finally, Financial Connections Group Inc. lifted its stake in 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 purchasing an additional 388 shares during the last quarter. 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.