Marvell Technology (NASDAQ:MRVL) Cut to Strong Sell at Zacks Research

Zacks Research cut shares of Marvell Technology (NASDAQ:MRVLFree Report) from a hold rating to a strong sell rating in a report issued on Monday,Zacks.com reports.

Other analysts also recently issued research reports about the company. Wall Street Zen downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research report on Saturday, February 21st. Cantor Fitzgerald reiterated a “neutral” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Tuesday, February 17th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a report on Wednesday, December 3rd. Deutsche Bank Aktiengesellschaft set a $120.00 price target on shares of Marvell Technology in a research note on Tuesday, February 10th. Finally, Piper Sandler set a $110.00 price target on shares of Marvell Technology in a research report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, ten have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $114.06.

Read Our Latest Report on Marvell Technology

Marvell Technology Trading Up 0.7%

NASDAQ:MRVL opened at $78.09 on Monday. The firm has a market cap of $68.03 billion, a price-to-earnings ratio of 27.40, a P/E/G ratio of 0.63 and a beta of 1.97. The company has a quick ratio of 1.64, a current ratio of 2.01 and a debt-to-equity ratio of 0.28. Marvell Technology has a 12 month low of $47.08 and a 12 month high of $102.77. The company’s 50 day moving average is $81.45 and its 200-day moving average is $81.93.

Marvell Technology (NASDAQ:MRVLGet Free Report) last posted its quarterly earnings data on Tuesday, December 2nd. The semiconductor company reported $0.76 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.02. The business had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. Marvell Technology had a return on equity of 13.15% and a net margin of 31.75%.The firm’s revenue for the quarter was up 36.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.43 earnings per share. Equities analysts anticipate that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 29th. Stockholders of record on Friday, January 9th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date of this dividend was Friday, January 9th. Marvell Technology’s dividend payout ratio (DPR) is 8.42%.

Insider Buying and Selling at Marvell Technology

In other news, EVP Mark Casper sold 5,000 shares of the company’s stock in a transaction dated Monday, January 5th. The shares were sold at an average price of $93.08, for a total value of $465,400.00. Following the sale, the executive vice president directly owned 19,418 shares of the company’s stock, valued at approximately $1,807,427.44. This represents a 20.48% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Trifecta Capital Advisors LLC lifted its position in Marvell Technology by 8.8% during the third quarter. Trifecta Capital Advisors LLC now owns 1,430 shares of the semiconductor company’s stock worth $120,000 after acquiring an additional 116 shares during the last quarter. GAMMA Investing LLC increased its stake in shares of Marvell Technology by 1.7% during the third quarter. GAMMA Investing LLC now owns 7,306 shares of the semiconductor company’s stock worth $614,000 after purchasing an additional 122 shares during the period. FSM Wealth Advisors LLC lifted its holdings in Marvell Technology by 4.4% during the 3rd quarter. FSM Wealth Advisors LLC now owns 2,939 shares of the semiconductor company’s stock worth $247,000 after purchasing an additional 123 shares during the last quarter. Keel Point LLC lifted its holdings in Marvell Technology by 2.2% during the 4th quarter. Keel Point LLC now owns 5,649 shares of the semiconductor company’s stock worth $480,000 after purchasing an additional 124 shares during the last quarter. Finally, Faithward Advisors LLC boosted its stake in Marvell Technology by 2.1% in the 3rd quarter. Faithward Advisors LLC now owns 6,242 shares of the semiconductor company’s stock valued at $525,000 after purchasing an additional 126 shares during the period. Institutional investors own 83.51% of the company’s stock.

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About Marvell Technology

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Marvell Technology Group is a global semiconductor company that designs and develops integrated circuits and related software for data infrastructure, networking, storage and connectivity markets. The company’s product portfolio includes system-on-chip (SoC) solutions, Ethernet physical-layer transceivers (PHYs), switch and switch silicon, optical interconnect components, storage controllers, and security processors. Marvell’s technology is used to enable high-performance data centers, carrier networks, enterprise and cloud storage, as well as connectivity in automotive and industrial applications.

Founded in 1995 and headquartered in Santa Clara, California, Marvell has grown through both organic development and strategic acquisitions to broaden its capabilities across networking and data interconnect.

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