Marvell Technology (NASDAQ:MRVL) Upgraded to “Hold” at StockNews.com

Marvell Technology (NASDAQ:MRVL) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Tuesday.

Several other research firms have also recently issued reports on MRVL. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. TD Cowen upped their target price on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a report on Friday, March 8th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price objective on the stock. Finally, KeyCorp dropped their target price 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 given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $68.11 on Tuesday. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The business’s 50-day moving average price is $69.88 and its 200 day moving average price is $63.51. Marvell Technology has a 52-week low of $39.23 and a 52-week high of $85.76. The firm has a market cap of $58.98 billion, a P/E ratio of -63.06, a PEG ratio of 5.01 and a beta of 1.48.

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

Marvell Technology announced that its board has approved a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,473,805 in the last 90 days. 0.45% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the company. FMR LLC lifted its position in shares of Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. increased its position in Marvell Technology by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after buying an additional 1,890,753 shares during the period. Capital Research Global Investors lifted its holdings in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after buying an additional 185,479 shares during the last quarter. Matrix Capital Management Company LP boosted its position in shares of Marvell Technology by 14.3% in the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock valued at $907,997,000 after acquiring an additional 1,888,676 shares during the period. Finally, Brown Advisory Inc. grew its stake in shares of Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the last quarter. 83.51% of the stock is currently owned by 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.