Marvell Technology (NASDAQ:MRVL) Price Target Increased to $100.00 by Analysts at B. Riley

Marvell Technology (NASDAQ:MRVLFree Report) had its target price hoisted by B. Riley from $95.00 to $100.00 in a research note issued to investors on Friday, Benzinga reports. B. Riley currently has a buy rating on the semiconductor company’s stock.

A number of other research firms have also issued reports on MRVL. Roth Mkm restated a buy rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. UBS Group upped their price objective on shares of Marvell Technology from $70.00 to $83.00 and gave the company a buy rating in a research note on Monday, February 26th. Cantor Fitzgerald reaffirmed an overweight rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Oppenheimer reissued an outperform rating and set a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Finally, Summit Insights raised Marvell Technology from a hold rating to a buy rating in a research report on Friday, March 8th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of Moderate Buy and a consensus price target of $85.00.

View Our Latest Report on MRVL

Marvell Technology Stock Down 10.5 %

MRVL stock opened at $68.81 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The company’s 50 day simple moving average is $70.10 and its 200-day simple moving average is $66.03. Marvell Technology has a 12 month low of $46.07 and a 12 month high of $85.76.

Marvell Technology (NASDAQ:MRVLGet Free Report) last announced its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.46% and a negative net margin of 18.33%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the firm earned $0.17 EPS. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. On average, sell-side analysts anticipate that Marvell Technology will post 0.73 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

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

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the completion of the transaction, the chief executive officer now directly owns 732,929 shares in the company, valued at $48,497,911.93. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The stock was sold at an average price of $66.17, for a total value of $1,985,100.00. Following the transaction, the chief executive officer now owns 732,929 shares in the company, valued at $48,497,911.93. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the transaction, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,522,055 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the stock. Pathway Financial Advisers LLC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at about $1,023,000. Cetera Advisors LLC lifted its holdings in Marvell Technology by 123.0% during the 1st quarter. Cetera Advisors LLC now owns 38,811 shares of the semiconductor company’s stock worth $2,751,000 after buying an additional 21,410 shares during the last quarter. Cetera Investment Advisers grew its position in shares of Marvell Technology by 357.3% in the 1st quarter. Cetera Investment Advisers now owns 175,518 shares of the semiconductor company’s stock worth $12,441,000 after acquiring an additional 137,138 shares in the last quarter. Atria Investments Inc increased its holdings in shares of Marvell Technology by 36.0% in the 1st quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock valued at $2,191,000 after acquiring an additional 8,189 shares during the last quarter. Finally, Swedbank AB acquired a new stake in shares of Marvell Technology during the 1st quarter valued at approximately $21,955,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Company Profile

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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.

Further Reading

Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

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