Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report)’s stock price gapped down before the market opened on Friday after Morgan Stanley lowered their price target on the stock from $65.00 to $63.00. The stock had previously closed at $55.73, but opened at $52.22. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology shares last traded at $52.14, with a volume of 5,298,071 shares changing hands.
Several other equities analysts also recently issued reports on MRVL. Bank of America reduced their price target on shares of Marvell Technology from $80.00 to $75.00 and set a “buy” rating for the company in a report on Friday, August 25th. Raymond James decreased their target price on shares of Marvell Technology from $64.00 to $62.00 and set an “outperform” rating for the company in a research report on Friday. Evercore ISI reduced their price objective on Marvell Technology from $70.00 to $60.00 in a research report on Thursday, October 5th. KeyCorp lowered their target price on Marvell Technology from $80.00 to $70.00 and set an “overweight” rating on the stock in a research report on Friday. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Thursday. Two research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $65.59.
Insider Activity
In related news, EVP Chris Koopmans sold 2,000 shares of the stock in a transaction on Friday, September 15th. The stock was sold at an average price of $55.57, for a total value of $111,140.00. Following the completion of the transaction, the executive vice president now owns 134,737 shares in the company, valued at approximately $7,487,335.09. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, EVP Chris Koopmans sold 2,000 shares of the company’s stock in a transaction on Friday, September 15th. The shares were sold at an average price of $55.57, for a total value of $111,140.00. Following the completion of the sale, the executive vice president now directly owns 134,737 shares in the company, valued at $7,487,335.09. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $54.45, for a total value of $1,633,500.00. Following the transaction, the chief executive officer now owns 839,287 shares in the company, valued at $45,699,177.15. The disclosure for this sale can be found here. In the last 90 days, insiders sold 102,000 shares of company stock worth $5,573,990. Insiders own 0.45% of the company’s stock.
Hedge Funds Weigh In On Marvell Technology
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. West Tower Group LLC acquired a new stake in shares of Marvell Technology in the second quarter worth $25,000. Buck Wealth Strategies LLC raised 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 worth $25,000 after acquiring an additional 425 shares during the period. SRS Capital Advisors Inc. lifted its position in Marvell Technology by 216.2% during the 2nd quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 281 shares during the last quarter. Barrett & Company Inc. bought a new stake in Marvell Technology during the first quarter valued at about $26,000. Finally, Lindbrook Capital LLC grew its position in shares of Marvell Technology by 67.6% in the second quarter. Lindbrook Capital LLC now owns 429 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 173 shares during the last quarter. Institutional investors and hedge funds own 83.32% of the company’s stock.
Marvell Technology Stock Down 6.4 %
The company has a debt-to-equity ratio of 0.20, a current ratio of 1.03 and a quick ratio of 0.65. The firm has a market capitalization of $45.00 billion, a P/E ratio of -118.52, a price-to-earnings-growth ratio of 6.95 and a beta of 1.42. The business has a 50 day moving average price of $52.76 and a 200 day moving average price of $56.53.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last issued its quarterly earnings results on Thursday, November 30th. The semiconductor company reported $0.41 EPS for the quarter, topping the consensus estimate of $0.40 by $0.01. Marvell Technology had a positive return on equity of 6.13% and a negative net margin of 6.74%. The company had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.40 billion. During the same period in the previous year, the business posted $0.41 EPS. The company’s revenue for the quarter was down 7.7% on a year-over-year basis. On average, analysts predict that Marvell Technology, Inc. will post 0.88 earnings per share for the current year.
Marvell Technology Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, October 25th. Shareholders of record on Friday, October 6th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.46%. The ex-dividend date was Thursday, October 5th. Marvell Technology’s dividend payout ratio (DPR) is presently -54.55%.
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.