Marvell Technology (NASDAQ:MRVL) Given “Buy” Rating at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report released on Wednesday morning,Benzinga reports. The brokerage currently has a $85.00 target price on the semiconductor company’s stock.

Other equities analysts have also issued reports about the stock. Cantor Fitzgerald reiterated a “neutral” rating and set a $60.00 target price on shares of Marvell Technology in a research report on Friday, May 30th. Evercore ISI reduced their target price on shares of Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. Barclays reduced their target price on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research report on Tuesday, April 22nd. Benchmark reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Wednesday. Finally, Bank of America reduced their target price on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a research report on Wednesday, April 16th. Seven research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Price Performance

Shares of Marvell Technology stock opened at $74.95 on Wednesday. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $64.74 billion, a price-to-earnings ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76. Marvell Technology has a 1-year low of $47.09 and a 1-year high of $127.48. The firm’s 50-day moving average price is $61.17 and its two-hundred day moving average price is $84.80.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company’s quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.24 earnings per share. On average, equities analysts predict that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is presently -42.11%.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,283 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer now owns 29,572 shares of the company’s stock, valued at $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $60.00, for a total transaction of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at $7,460,880. This represents a 1.19% decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,394 shares of company stock worth $1,656,076. Company insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Centricity Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter valued at $26,000. Hughes Financial Services LLC bought a new position in Marvell Technology in the first quarter valued at $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology in the 4th quarter valued at about $27,000. Rossby Financial LCC bought a new position in shares of Marvell Technology in the 1st quarter valued at about $27,000. Finally, Financial Connections Group Inc. grew its position in shares of Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 388 shares during the period. Institutional investors own 83.51% of the company’s stock.

About Marvell Technology

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.