Marvell Technology (NASDAQ:MRVL) PT Raised to $50.00 at Wells Fargo & Company

Marvell Technology (NASDAQ:MRVL) had its target price lifted by Wells Fargo & Company from $45.00 to $50.00 in a report released on Tuesday, Analyst Price Targets reports. They currently have an equal weight rating on the semiconductor company’s stock.

Other analysts also recently issued reports about the stock. Susquehanna Bancshares reissued a buy rating on shares of Marvell Technology in a research report on Thursday, June 3rd. JPMorgan Chase & Co. initiated coverage on shares of Marvell Technology in a research note on Tuesday. They issued an overweight rating for the company. Morgan Stanley boosted their price objective on shares of Marvell Technology from $44.00 to $49.00 and gave the stock an equal weight rating in a research note on Monday, March 1st. Summit Insights upgraded shares of Marvell Technology from a hold rating to a buy rating in a research note on Tuesday. Finally, Piper Sandler boosted their price objective on shares of Marvell Technology from $55.00 to $60.00 and gave the stock an overweight rating in a research note on Tuesday. Three investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and an average target price of $54.70.

MRVL stock opened at $51.80 on Tuesday. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.50 and a quick ratio of 1.25. The company has a market capitalization of $35.00 billion, a P/E ratio of -123.33, a price-to-earnings-growth ratio of 2.32 and a beta of 1.10. Marvell Technology has a 12 month low of $32.53 and a 12 month high of $55.70. The business has a 50 day simple moving average of $47.06.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Sunday, June 6th. The semiconductor company reported $0.29 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.02. Marvell Technology had a negative net margin of 8.13% and a positive return on equity of 5.25%. During the same period in the prior year, the business earned $0.18 earnings per share. As a group, sell-side analysts expect that Marvell Technology will post 1.02 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Thursday, July 8th. Marvell Technology’s dividend payout ratio is 41.38%.

In other news, CEO Matthew J. Murphy sold 7,500 shares of the stock in a transaction on Thursday, April 15th. The shares were sold at an average price of $48.66, for a total value of $364,950.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Matthew J. Murphy sold 20,000 shares of the stock in a transaction on Monday, May 17th. The shares were sold at an average price of $42.66, for a total transaction of $853,200.00. The disclosure for this sale can be found here. In the last 90 days, insiders sold 51,071 shares of company stock valued at $2,357,411. Corporate insiders own 0.33% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of MRVL. Janney Montgomery Scott LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth about $443,000. AE Wealth Management LLC grew its holdings in shares of Marvell Technology by 32.4% in the 4th quarter. AE Wealth Management LLC now owns 11,850 shares of the semiconductor company’s stock worth $563,000 after purchasing an additional 2,903 shares during the last quarter. Parallel Advisors LLC grew its holdings in shares of Marvell Technology by 56.4% in the 4th quarter. Parallel Advisors LLC now owns 7,080 shares of the semiconductor company’s stock worth $337,000 after purchasing an additional 2,552 shares during the last quarter. Meitav Dash Investments Ltd. bought a new stake in shares of Marvell Technology in the 4th quarter worth about $225,000. Finally, California Public Employees Retirement System grew its holdings in shares of Marvell Technology by 5.3% in the 4th quarter. California Public Employees Retirement System now owns 1,589,007 shares of the semiconductor company’s stock worth $75,541,000 after purchasing an additional 79,533 shares during the last quarter. 89.31% of the stock is currently owned by institutional investors and hedge funds.

About Marvell Technology

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.

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