Marvell Technology (NASDAQ:MRVL) Cut to Sell at StockNews.com

Marvell Technology (NASDAQ:MRVL) was downgraded by equities research analysts at StockNews.com from a “hold” rating to a “sell” rating in a research note issued to investors on Sunday.

Several other brokerages have also recently issued reports on MRVL. B. Riley restated a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Raymond James raised their price objective 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. Oppenheimer reaffirmed an “outperform” rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Finally, Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Trading Down 1.2 %

Shares of Marvell Technology stock opened at $68.75 on Friday. The business has a fifty day simple moving average of $69.87 and a two-hundred day simple moving average of $62.73. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The company has a market capitalization of $59.54 billion, a price-to-earnings ratio of -64.46, a P/E/G ratio of 5.09 and a beta of 1.50. Marvell Technology has a 1 year low of $38.63 and a 1 year high of $85.76.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same period last year, the firm posted $0.34 EPS. Research analysts forecast that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology declared that its board has approved a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s management believes its stock is undervalued.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,477,515 in the last 90 days. 0.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors have recently made changes to their positions in MRVL. Caprock Group LLC grew its position in shares of Marvell Technology by 7.5% during the 3rd quarter. Caprock Group LLC now owns 4,755 shares of the semiconductor company’s stock valued at $257,000 after acquiring an additional 330 shares during the period. Simplicity Solutions LLC boosted its holdings in Marvell Technology by 2.6% in the 3rd quarter. Simplicity Solutions LLC now owns 11,635 shares of the semiconductor company’s stock worth $630,000 after buying an additional 290 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Marvell Technology by 6.8% during the third quarter. Ballentine Partners LLC now owns 4,983 shares of the semiconductor company’s stock valued at $270,000 after acquiring an additional 319 shares during the last quarter. Valeo Financial Advisors LLC acquired a new stake in shares of Marvell Technology in the third quarter worth approximately $297,000. Finally, Linden Thomas Advisory Services LLC purchased a new stake in shares of Marvell Technology during the third quarter worth approximately $492,000. 83.51% of the stock is owned by hedge funds and other 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.