Marvell Technology’s (MRVL) “Buy” Rating Reiterated at Benchmark

Benchmark reiterated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a report published on Friday morning,Benzinga reports. Benchmark currently has a $95.00 price target on the semiconductor company’s stock.

MRVL has been the topic of several other research reports. Barclays lowered their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an “overweight” rating on the stock in a research note on Tuesday, April 22nd. KeyCorp lowered their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Redburn Atlantic assumed coverage on shares of Marvell Technology in a research note on Wednesday, May 28th. They issued a “neutral” rating and a $67.00 price objective on the stock. Cantor Fitzgerald downgraded shares of Marvell Technology from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $125.00 to $60.00 in a research note on Wednesday, May 7th. Finally, Needham & Company LLC decreased their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Seven research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $94.21.

Marvell Technology Trading Down 7.0%

Shares of Marvell Technology stock opened at $59.28 on Friday. The company’s fifty day simple moving average is $58.72 and its 200-day simple moving average is $86.81. The company has a market cap of $51.21 billion, a price-to-earnings ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. Marvell Technology’s quarterly revenue was up 63.3% on a year-over-year basis. During the same quarter last year, the company posted $0.24 earnings per share. As a group, sell-side analysts expect that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. Marvell Technology’s payout ratio is presently -42.11%.

Insider Buying and Selling at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. The trade was a 4.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This represents a 1.30% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Intrepid Financial Planning Group LLC raised its holdings in shares of Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after buying an additional 90 shares during the last quarter. PDS Planning Inc raised its holdings in shares of Marvell Technology by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after buying an additional 92 shares during the last quarter. Lodestone Wealth Management LLC raised its holdings in Marvell Technology by 2.0% during the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after purchasing an additional 93 shares during the last quarter. Valley National Advisers Inc. raised its holdings in Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after purchasing an additional 96 shares during the last quarter. Finally, Private Trust Co. NA raised its holdings in Marvell Technology by 2.7% during the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after purchasing an additional 97 shares during the last quarter. 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.