Marvell Technology (NASDAQ:MRVL) Stock Rating Upgraded by StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research note published on Wednesday morning.

Several other research analysts have also recently issued reports on the stock. TD Cowen upgraded shares of Marvell Technology to a strong-buy rating in a report on Monday, September 16th. Evercore ISI increased their price target on Marvell Technology from $91.00 to $98.00 and gave the company an outperform rating in a research note on Friday, August 30th. Morgan Stanley boosted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an equal weight rating in a research note on Friday, August 30th. Stifel Nicolaus restated a buy rating and issued a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Oppenheimer reaffirmed an outperform rating and set a $90.00 target price (up from $80.00) on shares of Marvell Technology in a report on Friday, May 31st. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology currently has an average rating of Moderate Buy and an average price target of $91.62.

Marvell Technology Stock Down 1.3 %

Shares of Marvell Technology stock opened at $73.87 on Wednesday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a 1-year low of $46.07 and a 1-year high of $85.76. The business’s fifty day moving average price is $68.20 and its two-hundred day moving average price is $69.78. The company has a market capitalization of $63.94 billion, a P/E ratio of -65.37, a PEG ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.18 earnings per share. As a group, research analysts forecast that Marvell Technology will post 0.77 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. Marvell Technology’s payout ratio is presently -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction that occurred on Monday, July 8th. The shares were 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 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 through the SEC website. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value 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 document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total value of $439,740.00. Following the sale, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock valued at $11,878,785 in the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Janney Montgomery Scott LLC lifted its stake in shares of Marvell Technology by 27.0% in the 4th quarter. Janney Montgomery Scott LLC now owns 42,090 shares of the semiconductor company’s stock valued at $2,539,000 after purchasing an additional 8,938 shares during the last quarter. Level Four Advisory Services LLC lifted its position in shares of Marvell Technology by 15.7% in the fourth quarter. Level Four Advisory Services LLC now owns 8,219 shares of the semiconductor company’s stock worth $496,000 after buying an additional 1,116 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Marvell Technology by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock worth $3,620,000 after buying an additional 3,109 shares during the last quarter. Coldstream Capital Management Inc. bought a new stake in shares of Marvell Technology during the 4th quarter worth about $274,000. Finally, D.A. Davidson & CO. increased its holdings in shares of Marvell Technology by 13.6% during the 4th quarter. D.A. Davidson & CO. now owns 33,051 shares of the semiconductor company’s stock valued at $1,993,000 after acquiring an additional 3,958 shares during the last quarter. 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.