StockNews.com Lowers Marvell Technology (NASDAQ:MRVL) to Sell

Marvell Technology (NASDAQ:MRVL) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a note issued to investors on Sunday.

Several other analysts also recently weighed in on the stock. Raymond James boosted their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. Morgan Stanley boosted their price objective 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. B. Riley restated a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Finally, KeyCorp decreased 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. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Stock Up 3.2 %

MRVL opened at $69.62 on Friday. Marvell Technology has a one year low of $37.71 and a one year high of $85.76. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm has a market capitalization of $60.29 billion, a P/E ratio of -64.46, a price-to-earnings-growth ratio of 4.94 and a beta of 1.50. The company has a fifty day moving average price of $69.87 and a 200-day moving average price of $62.62.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.34 EPS. Equities research analysts expect that Marvell Technology will post 0.72 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has authorized a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the company’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 transaction, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the transaction, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA lifted its position in Marvell Technology by 43.7% during the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC lifted its position in Marvell Technology by 328.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC lifted its position in Marvell Technology by 2.4% during the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC lifted its position in Marvell Technology by 15.6% during the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. lifted its position in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. Institutional investors own 83.51% of the company’s stock.

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.