Marvell Technology’s (MRVL) “Buy” Rating Reaffirmed at Rosenblatt Securities

Rosenblatt Securities reissued their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research note published on Wednesday,Benzinga reports. Rosenblatt Securities currently has a $124.00 price objective on the semiconductor company’s stock.

Several other research firms have also issued reports on MRVL. Morgan Stanley raised their price target on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an “equal weight” rating in a report on Friday, May 30th. UBS Group restated a “buy” rating on shares of Marvell Technology in a report on Monday, June 2nd. KeyCorp lowered their price target on shares of Marvell Technology from $115.00 to $90.00 and set an “overweight” rating for the company in a report on Friday, May 30th. Wells Fargo & Company lowered their price target on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a report on Friday, May 30th. Finally, Raymond James Financial reaffirmed an “outperform” rating and set a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. 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 company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Up 7.1%

Shares of NASDAQ MRVL opened at $74.95 on Wednesday. The company has a 50 day simple moving average of $61.17 and a 200 day simple moving average of $84.80. The firm has a market cap of $64.74 billion, a PE ratio of -131.49, a price-to-earnings-growth 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 company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business earned $0.24 EPS. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. On average, research analysts forecast that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

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

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares in the company, valued at $8,314,764.96. The trade was a 1.22% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock valued at $1,656,076 in the last three months. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Marvell Technology by 1.9% during the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company’s stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company’s stock worth $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. raised its stake in Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company’s stock valued at $1,188,333,000 after acquiring an additional 423,892 shares during the period. Invesco Ltd. raised its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Finally, Janus Henderson Group PLC raised its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after acquiring an additional 857,087 shares during the period. 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.