Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report)’s share price gapped down before the market opened on Friday after Bank of America lowered their price target on the stock from $80.00 to $75.00. The stock had previously closed at $57.29, but opened at $54.47. Marvell Technology shares last traded at $53.87, with a volume of 3,861,729 shares.
A number of other equities research analysts also recently commented on MRVL. Wells Fargo & Company lifted their price objective on Marvell Technology from $54.00 to $65.00 in a research report on Friday, May 26th. Deutsche Bank Aktiengesellschaft increased their target price on Marvell Technology from $50.00 to $65.00 in a research report on Friday, May 26th. B. Riley raised their price objective on Marvell Technology from $75.00 to $77.00 in a report on Friday. Barclays boosted their target price on Marvell Technology from $55.00 to $75.00 in a report on Thursday, July 20th. Finally, Raymond James lifted their price target on shares of Marvell Technology from $50.00 to $64.00 in a research report on Friday, May 26th. Two investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $66.67.
Insider Transactions at Marvell Technology
In related news, EVP Chris Koopmans sold 2,000 shares of the stock in a transaction dated Tuesday, August 15th. The shares were sold at an average price of $59.36, for a total value of $118,720.00. Following the completion of the transaction, the executive vice president now owns 136,737 shares in the company, valued at approximately $8,116,708.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Chris Koopmans sold 2,000 shares of Marvell Technology stock in a transaction dated Tuesday, August 15th. The stock was sold at an average price of $59.36, for a total transaction of $118,720.00. Following the transaction, the executive vice president now directly owns 136,737 shares of the company’s stock, valued at $8,116,708.32. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Dan Christman sold 13,434 shares of the firm’s stock in a transaction dated Wednesday, July 12th. The shares were sold at an average price of $63.25, for a total transaction of $849,700.50. Following the transaction, the executive vice president now owns 18,859 shares of the company’s stock, valued at approximately $1,192,831.75. The disclosure for this sale can be found here. Over the last quarter, insiders sold 212,521 shares of company stock valued at $12,927,995. 0.45% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Marvell Technology
Several large investors have recently modified their holdings of MRVL. Moneta Group Investment Advisors LLC increased its position in shares of Marvell Technology by 118,898.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after acquiring an additional 62,400,056 shares in the last quarter. Capital Research Global Investors raised its position in Marvell Technology by 13,107.9% during the second quarter. Capital Research Global Investors now owns 32,634,677 shares of the semiconductor company’s stock valued at $1,950,859,000 after buying an additional 32,387,593 shares during the period. Price T Rowe Associates Inc. MD boosted its position in Marvell Technology by 123.6% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock worth $1,819,025,000 after acquiring an additional 23,220,407 shares during the period. Bank Julius Baer & Co. Ltd Zurich increased its holdings in shares of Marvell Technology by 54,632.6% in the 2nd quarter. Bank Julius Baer & Co. Ltd Zurich now owns 18,856,485 shares of the semiconductor company’s stock valued at $1,127,241,000 after purchasing an additional 18,822,033 shares during the period. Finally, Matrix Capital Management Company LP purchased a new position in Marvell Technology during the second quarter valued at approximately $510,085,000. 86.04% of the stock is owned by institutional investors.
Marvell Technology Trading Down 5.0 %
The company has a current ratio of 1.05, a quick ratio of 0.71 and a debt-to-equity ratio of 0.20. The company has a market cap of $46.81 billion, a PE ratio of -280.16, a P/E/G ratio of 12.00 and a beta of 1.40. The business’s 50-day simple moving average is $61.23 and its 200-day simple moving average is $50.70.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last issued its earnings results on Thursday, August 24th. The semiconductor company reported $0.33 EPS for the quarter, beating analysts’ consensus estimates of $0.32 by $0.01. The firm had revenue of $1.34 billion for the quarter, compared to the consensus estimate of $1.33 billion. Marvell Technology had a positive return on equity of 7.38% and a negative net margin of 2.88%. The business’s quarterly revenue was down 11.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. As a group, analysts expect that Marvell Technology, Inc. will post 0.86 EPS for the current fiscal year.
Marvell Technology Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 26th. Stockholders of record on Friday, July 7th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, July 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.44%. Marvell Technology’s dividend payout ratio is currently -126.32%.
Marvell Technology Company Profile
Marvell Technology, Inc, together with its subsidiaries, provides data infrastructure semiconductor solutions, spanning the data center core to network edge. The company develops, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality.