Marvell Technology (NASDAQ:MRVL) PT Lowered to $90.00 at Susquehanna

Marvell Technology (NASDAQ:MRVLGet Rating) had its price objective trimmed by Susquehanna from $105.00 to $90.00 in a research report sent to investors on Wednesday morning, The Fly reports.

A number of other equities research analysts have also issued reports on the stock. Wells Fargo & Company dropped their price objective on shares of Marvell Technology from $80.00 to $70.00 and set an equal weight rating for the company in a report on Friday, March 4th. StockNews.com assumed coverage on shares of Marvell Technology in a research report on Thursday, March 31st. They issued a sell rating on the stock. TheStreet cut shares of Marvell Technology from a b- rating to a c rating in a research report on Friday, March 4th. Barclays decreased their target price on shares of Marvell Technology from $90.00 to $80.00 and set an overweight rating on the stock in a research report on Monday, April 25th. Finally, Piper Sandler reduced their price target on shares of Marvell Technology from $100.00 to $80.00 in a research report on Friday, March 4th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-seven have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of Buy and an average price target of $87.00.

Marvell Technology stock opened at $60.82 on Wednesday. Marvell Technology has a 52-week low of $46.77 and a 52-week high of $93.85. The firm has a market capitalization of $51.74 billion, a price-to-earnings ratio of -112.63, a PEG ratio of 1.80 and a beta of 1.27. The company has a fifty day simple moving average of $61.92 and a 200-day simple moving average of $70.88. The company has a quick ratio of 1.28, a current ratio of 1.80 and a debt-to-equity ratio of 0.29.

Marvell Technology (NASDAQ:MRVLGet Rating) last released its earnings results on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.45 billion during the quarter, compared to analyst estimates of $1.43 billion. During the same quarter in the prior year, the firm earned $0.15 earnings per share. The company’s revenue for the quarter was up 73.8% compared to the same quarter last year. On average, research analysts anticipate that Marvell Technology will post 1.73 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 27th. Stockholders of record on Friday, April 8th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, April 7th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. Marvell Technology’s dividend payout ratio (DPR) is presently -44.44%.

In related news, EVP Dan Christman sold 4,810 shares of the stock in a transaction on Monday, May 16th. The stock was sold at an average price of $57.28, for a total transaction of $275,516.80. Following the completion of the sale, the executive vice president now directly owns 108,393 shares of the company’s stock, valued at $6,208,751.04. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 45,782 shares of the stock in a transaction on Tuesday, April 19th. The stock was sold at an average price of $61.08, for a total value of $2,796,364.56. Following the sale, the insider now directly owns 618,298 shares of the company’s stock, valued at $37,765,641.84. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 208,610 shares of company stock worth $13,591,746. Insiders own 0.45% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV raised its stake in shares of Marvell Technology by 21.7% during the 3rd quarter. Mercer Global Advisors Inc. ADV now owns 9,162 shares of the semiconductor company’s stock worth $553,000 after buying an additional 1,635 shares during the last quarter. Prospera Financial Services Inc purchased a new stake in Marvell Technology during the 3rd quarter worth about $893,000. Bank of Nova Scotia purchased a new stake in Marvell Technology during the 3rd quarter worth about $15,950,000. Barings LLC increased its position in Marvell Technology by 11.0% during the 3rd quarter. Barings LLC now owns 7,256 shares of the semiconductor company’s stock worth $437,000 after purchasing an additional 718 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. grew its holdings in Marvell Technology by 0.8% in the 3rd quarter. Oppenheimer Asset Management Inc. now owns 37,063 shares of the semiconductor company’s stock valued at $2,234,000 after buying an additional 293 shares during the period. 83.11% of the stock is owned by institutional investors.

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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