Marvell Technology (NASDAQ:MRVL) Price Target Cut to $82.00 by Analysts at BMO Capital Markets

Marvell Technology (NASDAQ:MRVLGet Rating) had its price target lowered by BMO Capital Markets from $98.00 to $82.00 in a research note published on Friday morning, The Fly reports.

Several other equities analysts also recently commented on the stock. Susquehanna decreased their price target on shares of Marvell Technology from $105.00 to $90.00 in a research note on Wednesday. Piper Sandler reduced their price objective on shares of Marvell Technology from $100.00 to $80.00 in a research note on Friday, March 4th. Cowen reduced their price objective on shares of Marvell Technology from $100.00 to $85.00 in a research note on Friday. StockNews.com began coverage on shares of Marvell Technology in a research note on Thursday, March 31st. They set a sell rating on the stock. Finally, Raymond James upgraded shares of Marvell Technology from a market perform rating to an outperform rating and set a $80.00 price objective on the stock in a research note on Monday, April 25th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has an average rating of Buy and a consensus target price of $87.00.

Shares of MRVL opened at $60.82 on Friday. The firm has a market capitalization of $51.74 billion, a PE ratio of -112.63, a PEG ratio of 1.80 and a beta of 1.27. The company’s 50-day moving average is $61.92 and its 200-day moving average is $70.88. Marvell Technology has a fifty-two week low of $46.77 and a fifty-two week high of $93.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 1.80 and a quick ratio of 1.28.

Marvell Technology (NASDAQ:MRVLGet Rating) last issued its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. Marvell Technology had a negative net margin of 9.44% and a positive return on equity of 5.60%. The company had revenue of $1.45 billion for the quarter, compared to analyst estimates of $1.43 billion. During the same period in the prior year, the firm earned $0.15 earnings per share. The company’s revenue was up 73.8% on a year-over-year basis. Analysts predict that Marvell Technology will post 1.73 earnings per share for the current fiscal year.

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 27th. Investors of record on Friday, April 8th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date was Thursday, April 7th. Marvell Technology’s payout ratio is currently -44.44%.

In related news, insider Muhammad Raghib Hussain sold 45,782 shares of Marvell Technology stock in a transaction on Tuesday, April 19th. The shares were sold at an average price of $61.08, for a total value of $2,796,364.56. Following the completion of the sale, the insider now owns 618,298 shares of the company’s stock, valued at approximately $37,765,641.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Loi Nguyen sold 9,778 shares of Marvell Technology stock in a transaction on Wednesday, March 2nd. The shares were sold at an average price of $66.07, for a total transaction of $646,032.46. The disclosure for this sale can be found here. In the last three months, insiders sold 208,610 shares of company stock valued at $13,591,746. 0.45% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. MUFG Americas Holdings Corp raised its stake in shares of Marvell Technology by 90.2% during the 1st quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 175 shares during the period. SkyView Investment Advisors LLC bought a new stake in Marvell Technology in the 4th quarter valued at about $26,000. HM Payson & Co. raised its stake in Marvell Technology by 52.5% in the 3rd quarter. HM Payson & Co. now owns 453 shares of the semiconductor company’s stock valued at $27,000 after acquiring an additional 156 shares during the period. Pittenger & Anderson Inc. bought a new stake in Marvell Technology in the 4th quarter valued at about $27,000. Finally, Covestor Ltd bought a new stake in Marvell Technology in the 4th quarter valued at about $28,000. Institutional investors own 83.11% of the company’s stock.

About Marvell Technology (Get Rating)

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; ASIC; and printer System-on-a-Chip products and application processors.

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