Piper Sandler Reaffirms “Overweight” Rating for Marvell Technology (NASDAQ:MRVL)

Piper Sandler reissued 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 target on the semiconductor company’s stock.

MRVL has been the subject of a number of other research reports. Roth Mkm reissued a buy rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday. Stifel Nicolaus reiterated a buy rating and issued a $95.00 target price (up from $90.00) on shares of Marvell Technology in a report on Friday. Cantor Fitzgerald reissued an overweight rating and set a $85.00 price objective on shares of Marvell Technology in a report on Friday, May 31st. Oppenheimer reissued an outperform rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Finally, Barclays upped their price objective on Marvell Technology from $75.00 to $80.00 and gave the company an overweight rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of Moderate Buy and a consensus target price of $91.62.

Marvell Technology Stock Performance

Marvell Technology stock opened at $76.24 on Friday. The business’s 50-day moving average price is $67.95 and its two-hundred day moving average price is $69.48. Marvell Technology has a 12-month low of $46.07 and a 12-month high of $85.76. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. The stock has a market cap of $65.99 billion, a PE ratio of -67.47, a P/E/G ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.26% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter last year, the business posted $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, analysts expect that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Activity at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the sale, the insider now owns 838,571 shares in the company, valued at $62,892,825. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the completion of the sale, the executive vice president now directly owns 110,318 shares in the company, valued at approximately $8,150,293.84. The disclosure for this sale can be found here. Insiders have sold a total of 65,500 shares of company stock valued at $4,872,620 over the last 90 days. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Yousif Capital Management LLC boosted its position in Marvell Technology by 2.4% during the 4th quarter. Yousif Capital Management LLC now owns 13,306 shares of the semiconductor company’s stock valued at $802,000 after acquiring an additional 311 shares in the last quarter. Retirement Systems of Alabama bought a new position in shares of Marvell Technology during the fourth quarter valued at $4,885,000. Brighton Jones LLC purchased a new position in Marvell Technology in the fourth quarter worth about $587,000. New York Life Investment Management LLC lifted its position in Marvell Technology by 1.1% in the 4th quarter. New York Life Investment Management LLC now owns 15,862 shares of the semiconductor company’s stock valued at $957,000 after acquiring an additional 171 shares in the last quarter. Finally, First Trust Direct Indexing L.P. lifted its holdings in shares of Marvell Technology by 36.5% during the fourth quarter. First Trust Direct Indexing L.P. now owns 7,074 shares of the semiconductor company’s stock valued at $427,000 after purchasing an additional 1,890 shares in the last quarter. 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.