Marvell Technology (NASDAQ:MRVL) Given “Buy” Rating at Rosenblatt Securities

Rosenblatt Securities reiterated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report sent to investors on Friday,Benzinga reports. They currently have a $124.00 target price on the semiconductor company’s stock.

Several other analysts have also weighed in on MRVL. Citigroup lowered their target price on shares of Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a research note on Friday, April 11th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price for the company in a research note on Thursday, March 6th. Benchmark lowered their price target on shares of Marvell Technology from $135.00 to $95.00 and set a “buy” rating for the company in a research report on Wednesday, May 7th. Finally, Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $94.21.

Marvell Technology Stock Down 7.0%

MRVL stock opened at $59.28 on Friday. 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 has a 1-year low of $47.09 and a 1-year high of $127.48. The firm has a fifty day moving average price of $58.72 and a two-hundred day moving average price of $86.81. The firm has a market cap of $51.21 billion, a price-to-earnings ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share 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 during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 earnings per share. The firm’s revenue for the quarter was up 63.3% compared to the same quarter last year. Research analysts predict that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date of this dividend 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 is presently -42.11%.

Insider Activity

In other news, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the company’s stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.01, for a total transaction of $80,547.39. Following the sale, the chief accounting officer now directly owns 30,855 shares of the company’s stock, valued at $2,005,883.55. This represents a 3.86% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds have recently bought and sold shares of MRVL. Vista Cima Wealth Management LLC purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $345,000. Silicon Valley Capital Partners lifted its position in shares of Marvell Technology by 1.7% in the first quarter. Silicon Valley Capital Partners now owns 33,571 shares of the semiconductor company’s stock worth $2,083,000 after purchasing an additional 569 shares in the last quarter. Strs Ohio purchased a new stake in shares of Marvell Technology in the first quarter worth approximately $16,366,000. Addison Capital Co lifted its position in shares of Marvell Technology by 29.5% in the first quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company’s stock worth $340,000 after purchasing an additional 1,257 shares in the last quarter. Finally, Advisors Capital Management LLC lifted its position in shares of Marvell Technology by 6.2% in the first quarter. Advisors Capital Management LLC now owns 8,770 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 515 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.