Marvell Technology (NASDAQ:MRVL) Downgraded by Wall Street Zen to Hold

Marvell Technology (NASDAQ:MRVL) was downgraded by stock analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Sunday.

Other equities analysts have also recently issued reports about the company. The Goldman Sachs Group began coverage on Marvell Technology in a research note on Thursday, July 10th. They set a “neutral” rating and a $75.00 price objective on the stock. Redburn Atlantic began coverage on Marvell Technology in a research note on Wednesday, May 28th. They set a “neutral” rating and a $67.00 price objective on the stock. Rosenblatt Securities restated a “buy” rating and set a $124.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Benchmark restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Wednesday, June 18th. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on Marvell Technology from $100.00 to $85.00 and set a “buy” rating on the stock in a research note on Friday, May 30th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $94.70.

Marvell Technology Stock Down 3.6%

MRVL stock opened at $76.19 on Friday. Marvell Technology has a twelve month low of $47.08 and a twelve month high of $127.48. 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 company has a market capitalization of $65.82 billion, a P/E ratio of -133.67, a PEG ratio of 0.83 and a beta of 1.83. The firm has a 50 day simple moving average of $74.30 and a 200-day simple moving average of $73.25.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping 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 the consensus estimate of $1.88 billion. During the same quarter last year, the company earned $0.24 earnings per share. The business’s quarterly revenue was up 63.3% compared to the same quarter last year. On average, equities research analysts predict that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the sale, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,283 shares of the business’s stock in a transaction dated Monday, June 16th. The stock was 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 owned 29,572 shares in the company, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,409 shares of company stock worth $445,964. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Bank Pictet & Cie Europe AG raised its position in Marvell Technology by 0.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company’s stock worth $7,368,000 after acquiring an additional 460 shares in the last quarter. Gamco Investors INC. ET AL purchased a new position in Marvell Technology in the 4th quarter worth about $287,000. Commerce Bank increased its stake in Marvell Technology by 2.8% in the 4th quarter. Commerce Bank now owns 31,538 shares of the semiconductor company’s stock worth $3,483,000 after purchasing an additional 848 shares in the last quarter. GeoWealth Management LLC increased its stake in Marvell Technology by 266.9% in the 4th quarter. GeoWealth Management LLC now owns 3,757 shares of the semiconductor company’s stock worth $415,000 after purchasing an additional 2,733 shares in the last quarter. Finally, Freedom Investment Management Inc. purchased a new position in Marvell Technology in the 4th quarter worth about $644,000. 83.51% of the stock is currently owned by institutional investors.

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.