Marvell Technology (NASDAQ:MRVL) Receives “Overweight” Rating from Cantor Fitzgerald

Cantor Fitzgerald reissued their overweight rating on shares of Marvell Technology (NASDAQ:MRVL) in a research note released on Friday morning, Benzinga reports. The brokerage currently has a $85.00 price objective on the semiconductor company’s stock.

MRVL has been the topic of several other research reports. Morgan Stanley upped their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the company an equal weight rating in a report on Thursday, March 7th. StockNews.com lowered shares of Marvell Technology from a hold rating to a sell rating in a report on Friday. KeyCorp lowered their target price on shares of Marvell Technology from $95.00 to $90.00 and set an overweight rating on the stock in a report on Monday, April 8th. Raymond James upped their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an outperform rating in a report on Friday, January 19th. Finally, B. Riley restated a buy rating and issued a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. One analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Moderate Buy and a consensus target price of $79.96.

Marvell Technology Stock Performance

Shares of MRVL opened at $67.88 on Friday. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a market capitalization of $58.78 billion, a P/E ratio of -62.85, a price-to-earnings-growth ratio of 5.13 and a beta of 1.50. The firm’s fifty day simple moving average is $70.40 and its two-hundred day simple moving average is $61.99. Marvell Technology has a 12 month low of $36.90 and a 12 month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. As a group, analysts predict that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology declared that its board has authorized a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders sold 73,000 shares of company stock valued at $4,894,790 in the last three months. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. SRS Capital Advisors Inc. boosted its holdings in Marvell Technology by 216.2% in the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 281 shares during the period. Buck Wealth Strategies LLC boosted its holdings in Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares during the period. SJS Investment Consulting Inc. boosted its holdings in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the period. Resurgent Financial Advisors LLC bought a new position in Marvell Technology in the 4th quarter valued at $28,000. Finally, Bruce G. Allen Investments LLC boosted its holdings in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the period. 83.51% of the stock is 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.