Marvell Technology’s (MRVL) Buy Rating Reiterated at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report released on Wednesday,Benzinga reports. They currently have a $124.00 price objective on the semiconductor company’s stock.

A number of other research analysts have also weighed in on the company. China Renaissance began coverage on Marvell Technology in a report on Thursday, June 5th. They set a “buy” rating and a $110.00 target price for the company. Susquehanna reduced their target price on Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a report on Tuesday, May 27th. Morgan Stanley lifted their target price on Marvell Technology from $70.00 to $73.00 and gave the company an “equal weight” rating in a report on Friday, May 30th. KeyCorp reduced their target price on Marvell Technology from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, May 30th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $85.00 target price on shares of Marvell Technology in a report on Wednesday. Seven investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $96.33.

Marvell Technology Trading Up 7.1%

Shares of 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 stock’s 50-day simple moving average is $61.17 and its 200 day simple moving average is $84.80. The stock has a market capitalization of $64.74 billion, a P/E ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data 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. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. During the same period in the previous year, the business posted $0.24 EPS. The firm’s quarterly revenue was up 63.3% compared to the same quarter last year. As a group, research analysts anticipate that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,286 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the completion of the sale, the chief accounting officer now owns 32,094 shares in the company, valued at approximately $2,086,110. The trade was a 3.85% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 626 shares of the business’s stock in a transaction that occurred on Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president now owns 626 shares of the company’s stock, valued at $38,248.60. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, 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

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Intrepid Financial Planning Group LLC raised its holdings in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after acquiring an additional 90 shares in the last quarter. PDS Planning Inc raised its holdings in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after acquiring an additional 92 shares in the last quarter. Private Trust Co. NA raised its holdings in shares of Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 shares in the last quarter. Tradewinds LLC. raised its holdings in shares of Marvell Technology by 0.7% during the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company’s stock valued at $1,552,000 after acquiring an additional 101 shares in the last quarter. Finally, SRS Capital Advisors Inc. raised its holdings in shares of Marvell Technology by 19.3% during the fourth quarter. SRS Capital Advisors Inc. now owns 693 shares of the semiconductor company’s stock valued at $77,000 after acquiring an additional 112 shares in the last quarter. 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.