Marvell Technology (NASDAQ:MRVL) Price Target Lowered to $72.00 at B. Riley

Marvell Technology (NASDAQ:MRVLGet Rating) had its target price trimmed by B. Riley from $95.00 to $72.00 in a research note released on Monday morning, The Fly reports.

Several other brokerages have also recently weighed in on MRVL. Morgan Stanley decreased their price target on Marvell Technology from $86.00 to $80.00 and set an equal weight rating on the stock in a research report on Friday, March 4th. StockNews.com initiated coverage on shares of Marvell Technology in a research report on Thursday, March 31st. They issued a sell rating on the stock. TheStreet cut shares of Marvell Technology from a b- rating to a c rating in a research report on Friday, March 4th. Susquehanna upped their price objective on shares of Marvell Technology from $100.00 to $105.00 and gave the stock a positive rating in a research report on Monday, March 7th. Finally, Summit Insights cut shares of Marvell Technology from a buy rating to a hold rating in a research report on Friday, March 4th. One research analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-six have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of Buy and an average target price of $92.85.

Shares of MRVL opened at $54.86 on Monday. The business’s 50-day moving average price is $63.06 and its 200-day moving average price is $71.33. Marvell Technology has a twelve month low of $46.51 and a twelve month high of $93.85. The stock has a market cap of $46.67 billion, a PE ratio of -101.59, a P/E/G ratio of 1.80 and a beta of 1.27. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29.

Marvell Technology (NASDAQ:MRVLGet Rating) last announced its quarterly earnings results on Thursday, March 3rd. The semiconductor company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.34 by $0.01. Marvell Technology had a positive return on equity of 5.60% and a negative net margin of 9.44%. The firm had revenue of $1.34 billion for the quarter, compared to analysts’ expectations of $1.32 billion. During the same period in the prior year, the business posted $0.21 earnings per share. The company’s revenue was up 68.3% on a year-over-year basis. Analysts expect that Marvell Technology will post 1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 27th. Investors of record on Friday, April 8th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.44%. The ex-dividend date was Thursday, April 7th. Marvell Technology’s payout ratio is -44.44%.

In related news, EVP Dan Christman sold 15,000 shares of the firm’s stock in a transaction on Tuesday, March 29th. The stock was sold at an average price of $75.87, for a total value of $1,138,050.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Ford Tamer sold 48,051 shares of the firm’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total value of $3,440,932.11. Following the completion of the sale, the director now directly owns 331,083 shares of the company’s stock, valued at approximately $23,708,853.63. The disclosure for this sale can be found here. Insiders sold 208,610 shares of company stock valued at $13,591,746 in the last ninety days. 0.45% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. MUFG Americas Holdings Corp raised its holdings in Marvell Technology by 90.2% in the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 175 shares in the last quarter. SkyView Investment Advisors LLC bought a new position in Marvell Technology in the fourth quarter worth $26,000. HM Payson & Co. raised its holdings in Marvell Technology by 52.5% in the third quarter. HM Payson & Co. now owns 453 shares of the semiconductor company’s stock worth $27,000 after purchasing an additional 156 shares in the last quarter. Pittenger & Anderson Inc. bought a new position in Marvell Technology in the fourth quarter worth $27,000. Finally, Covestor Ltd bought a new position in Marvell Technology in the fourth quarter worth $28,000. Institutional investors and hedge funds own 83.11% of the company’s stock.

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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