Marvell Technology, Inc. (NASDAQ:MRVL) Receives $110.30 Consensus PT from Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has earned an average rating of “Moderate Buy” from the twenty-seven brokerages that are presently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation, twenty-two have issued a buy recommendation and two have assigned a strong buy recommendation to the company. The average 1 year price objective among analysts that have issued a report on the stock in the last year is $111.27.

Several research firms have recently weighed in on MRVL. KeyCorp lowered their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. William Blair raised Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. TD Cowen lowered their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company reissued an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th.

Marvell Technology Stock Up 8.1%

Shares of NASDAQ:MRVL opened at $64.50 on Friday. The firm has a market cap of $55.72 billion, a P/E ratio of -37.94, a P/E/G ratio of 1.61 and a beta of 1.83. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48. The business has a fifty day simple moving average of $60.68 and a 200 day simple moving average of $89.28.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insiders Place Their Bets

In related news, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. This represents a 6.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of the stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 28,890 shares of company stock worth $2,027,938 in the last three months. Corporate insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MRVL. Norges Bank acquired a new position in Marvell Technology during the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology during the 4th quarter valued at approximately $802,410,000. Nuveen Asset Management LLC increased its stake in shares of Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares during the period. Nuveen LLC acquired a new stake in shares of Marvell Technology in the first quarter worth $399,587,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.