Marvell Technology (NASDAQ:MRVL) Price Target Cut to $80.00 by Analysts at Barclays

Marvell Technology (NASDAQ:MRVLGet Rating) had its price target lowered by Barclays from $90.00 to $80.00 in a research note issued to investors on Monday morning, The Fly reports. The firm currently has an overweight rating on the semiconductor company’s stock.

A number of other research analysts also recently weighed in on the stock. Rosenblatt Securities raised their price target on shares of Marvell Technology from $120.00 to $125.00 and gave the company a buy rating in a report on Friday, March 4th. Susquehanna Bancshares raised their price target on shares of Marvell Technology from $100.00 to $105.00 in a report on Monday, March 7th. Susquehanna raised their price target on shares of Marvell Technology from $100.00 to $105.00 and gave the company a positive rating in a report on Monday, March 7th. Summit Insights downgraded shares of Marvell Technology from a buy rating to a hold rating in a report on Friday, March 4th. Finally, Deutsche Bank Aktiengesellschaft dropped their target price on shares of Marvell Technology from $90.00 to $80.00 and set a buy rating on the stock in a report on Wednesday, April 20th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-six have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has an average rating of Buy and a consensus target price of $95.00.

MRVL stock opened at $60.69 on Monday. Marvell Technology has a 12-month low of $40.79 and a 12-month high of $93.85. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29. The company has a market cap of $51.45 billion, a price-to-earnings ratio of -112.39, a PEG ratio of 2.06 and a beta of 1.20. The company has a 50 day moving average of $66.70 and a two-hundred day moving average of $72.83.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its earnings results on Thursday, March 3rd. The semiconductor company reported $0.35 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.01. The company had revenue of $1.34 billion during the quarter, compared to the consensus estimate of $1.32 billion. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The company’s revenue was up 68.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.21 EPS. On average, research analysts anticipate that Marvell Technology will post 1.66 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 27th. Investors of record on Friday, April 8th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 7th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology’s payout ratio is currently -44.44%.

In other Marvell Technology news, EVP Mitchell Gaynor sold 5,000 shares of the company’s stock in a transaction dated Tuesday, February 15th. The shares were sold at an average price of $70.54, for a total transaction of $352,700.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Muhammad Raghib Hussain sold 45,782 shares of the company’s stock in a transaction dated Tuesday, April 19th. The stock was sold at an average price of $61.08, for a total transaction of $2,796,364.56. Following the sale, the insider now directly owns 618,298 shares in the company, valued at $37,765,641.84. The disclosure for this sale can be found here. In the last three months, insiders sold 229,611 shares of company stock worth $15,290,489. 0.29% of the stock is currently owned by insiders.

Institutional investors have recently modified their holdings of the business. American Century Companies Inc. grew its stake in shares of Marvell Technology by 3.7% during the third quarter. American Century Companies Inc. now owns 2,150,230 shares of the semiconductor company’s stock valued at $129,680,000 after purchasing an additional 77,498 shares during the last quarter. Truist Financial Corp grew its stake in shares of Marvell Technology by 4.0% during the third quarter. Truist Financial Corp now owns 90,895 shares of the semiconductor company’s stock valued at $5,482,000 after purchasing an additional 3,513 shares during the last quarter. Tufton Capital Management bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $244,000. Connor Clark & Lunn Investment Management Ltd. bought a new stake in shares of Marvell Technology during the third quarter valued at approximately $2,261,000. Finally, Cetera Investment Advisers grew its stake in shares of Marvell Technology by 50.1% during the third quarter. Cetera Investment Advisers now owns 21,937 shares of the semiconductor company’s stock valued at $1,323,000 after purchasing an additional 7,326 shares during the last quarter. 82.49% of the stock is currently owned by hedge funds and other institutional investors.

About Marvell Technology (Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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