Marvell Technology (NASDAQ:MRVL) Price Target Raised to $75.00

Marvell Technology (NASDAQ:MRVL) had its target price hoisted by Cantor Fitzgerald from $60.00 to $75.00 in a research note issued to investors on Wednesday morning,Benzinga reports. Cantor Fitzgerald currently has a neutral rating on the semiconductor company’s stock.

Several other analysts have also weighed in on the company. UBS Group reissued a “buy” rating on shares of Marvell Technology in a report on Monday, June 2nd. Raymond James Financial reissued an “outperform” rating and set a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Rosenblatt Securities reissued a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a report on Wednesday. China Renaissance assumed coverage on Marvell Technology in a report on Thursday, June 5th. They set a “buy” rating and a $110.00 price objective on the stock. Finally, B. Riley lifted their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $96.33.

Marvell Technology Stock Performance

MRVL opened at $74.95 on Wednesday. The firm has a market capitalization of $64.74 billion, a P/E ratio of -131.49, a price-to-earnings-growth ratio of 0.76 and a beta of 1.76. The stock’s 50 day moving average price is $61.17 and its two-hundred day moving average price is $84.80. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48.

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 firm had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The company’s revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the firm posted $0.24 EPS. On average, equities analysts forecast that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed 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 dividend on an annualized basis 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%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the transaction, the chief financial officer now owns 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the business’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. Over the last quarter, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. Union Bancaire Privee UBP SA acquired a new position in Marvell Technology in the fourth quarter worth $16,699,000. Bank Pictet & Cie Europe AG raised its position in shares of Marvell Technology by 0.7% during the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company’s stock worth $7,368,000 after acquiring an additional 460 shares during the last quarter. Allworth Financial LP raised its position in shares of Marvell Technology by 12.1% during the fourth quarter. Allworth Financial LP now owns 4,560 shares of the semiconductor company’s stock worth $504,000 after acquiring an additional 494 shares during the last quarter. Csenge Advisory Group raised its position in shares of Marvell Technology by 15.9% during the fourth quarter. Csenge Advisory Group now owns 3,893 shares of the semiconductor company’s stock worth $430,000 after acquiring an additional 535 shares during the last quarter. Finally, Americana Partners LLC raised its position in shares of Marvell Technology by 9.3% during the fourth quarter. Americana Partners LLC now owns 4,776 shares of the semiconductor company’s stock worth $528,000 after acquiring an additional 406 shares during the last quarter. 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.