Marvell Technology (NASDAQ:MRVL) Raised to Hold at StockNews.com

Marvell Technology (NASDAQ:MRVL) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Saturday.

A number of other research firms also recently commented on MRVL. TD Cowen increased their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research report on Friday, March 8th. Raymond James increased their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Barclays increased their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. Finally, KeyCorp lowered their price objective on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Two investment analysts have rated the stock with a hold rating and twenty have issued a 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 $81.13.

Marvell Technology Price Performance

Shares of MRVL opened at $62.13 on Friday. Marvell Technology has a twelve month low of $36.90 and a twelve month high of $85.76. The firm’s fifty day simple moving average is $70.12 and its 200-day simple moving average is $62.20. The firm has a market capitalization of $53.80 billion, a price-to-earnings ratio of -57.53, a PEG ratio of 4.86 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the business earned $0.34 EPS. The company’s revenue was up .6% on a year-over-year basis. Equities analysts forecast that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has authorized a share repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The disclosure for this sale can be found here. Insiders sold a total of 108,000 shares of company stock valued at $7,315,640 over the last 90 days. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the company. Buck Wealth Strategies LLC boosted its stake in Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 425 shares during the period. SRS Capital Advisors Inc. boosted its stake in Marvell Technology by 216.2% in the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 281 shares during the period. SJS Investment Consulting Inc. boosted its stake in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Bruce G. Allen Investments LLC boosted its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Finally, Resurgent Financial Advisors LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $28,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.