Marvell Technology’s (MRVL) “Outperform” Rating Reiterated at Raymond James

Raymond James reiterated their outperform rating on shares of Marvell Technology (NASDAQ:MRVL) in a report released on Friday morning,Benzinga reports. They currently have a $90.00 target price on the semiconductor company’s stock, down from their prior target price of $110.00.

Several other equities analysts also recently commented on MRVL. Melius Research downgraded shares of Marvell Technology from a “strong-buy” rating to a “hold” rating and set a $66.00 price target on the stock. in a research note on Thursday, May 22nd. B. Riley decreased their price target on shares of Marvell Technology from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. Rosenblatt Securities reaffirmed a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a research report on Friday. Piper Sandler reaffirmed an “overweight” rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research report on Friday. Finally, Bank of America cut their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $94.21.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $59.28 on Friday. Marvell Technology has a one year low of $47.09 and a one year high of $127.48. The company has a market cap of $51.21 billion, a P/E ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83. The firm’s fifty day moving average price is $58.72 and its two-hundred day moving average price is $86.81. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

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

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued 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 0.40%. Marvell Technology’s dividend payout ratio (DPR) is presently -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Casper sold 626 shares of the firm’s stock in a transaction that occurred on Monday, May 19th. The stock was sold at an average price of $61.10, for a total transaction of $38,248.60. Following the transaction, the executive vice president now owns 626 shares of the company’s stock, valued at approximately $38,248.60. The trade was a 50.00% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 33,541 shares of company stock worth $2,079,948 in the last quarter. 0.19% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Several hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. increased its stake in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock valued at $3,926,326,000 after acquiring an additional 1,212,338 shares in the last quarter. Goldman Sachs Group Inc. increased its stake in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock valued at $1,272,117,000 after acquiring an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. increased its stake in shares of Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after acquiring an additional 423,892 shares in the last quarter. Invesco Ltd. increased its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC grew its position in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after purchasing an additional 857,087 shares during the period. Institutional investors 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.