Marvell Technology (NASDAQ:MRVL) Given “Overweight” Rating at Piper Sandler

Piper Sandler restated their overweight rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report sent to investors on Friday morning, Benzinga reports. They currently have a $100.00 price objective on the semiconductor company’s stock.

MRVL has been the subject of several other reports. Oppenheimer reaffirmed an outperform rating and issued a $90.00 target price (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Evercore ISI boosted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an outperform rating in a report on Friday. Stifel Nicolaus reissued a buy rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a buy rating in a report on Friday, May 31st. Finally, Morgan Stanley boosted their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an equal weight rating in a report on Friday. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Moderate Buy and an average target price of $91.62.

Marvell Technology Stock Up 9.2 %

Shares of Marvell Technology stock opened at $76.24 on Friday. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock has a market capitalization of $65.99 billion, a PE ratio of -67.47, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. Marvell Technology has a 52-week low of $46.07 and a 52-week high of $85.76. The company has a 50-day simple moving average of $67.95 and a two-hundred day simple moving average of $69.46.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The business’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the company earned $0.18 earnings per share. On average, analysts anticipate that Marvell Technology will post 0.75 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology’s payout ratio is currently -21.24%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders sold a total of 65,500 shares of company stock worth $4,872,620 over the last three months. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Vanguard Group Inc. raised its stake in Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after purchasing an additional 468,086 shares in the last quarter. Capital Research Global Investors raised its stake in 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 valued at $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Matrix Capital Management Company LP raised its stake in Marvell Technology by 14.3% during 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 purchasing an additional 1,888,676 shares in the last quarter. Brown Advisory Inc. raised its stake in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. 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.