Marvell Technology (NASDAQ:MRVL) Price Target Raised to $110.00

Marvell Technology (NASDAQ:MRVL) had its price target lifted by Susquehanna from $95.00 to $110.00 in a report released on Wednesday,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company’s stock.

Other research analysts also recently issued reports about the company. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley upped their price objective on shares of Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Friday, November 22nd. Bank of America boosted their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one 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 an average rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Stock Performance

MRVL stock opened at $90.10 on Wednesday. Marvell Technology has a one year low of $50.35 and a one year high of $95.55. The firm has a market cap of $79.85 billion, a price-to-earnings ratio of -81.17, a PEG ratio of 4.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The firm has a 50-day simple moving average of $81.45 and a two-hundred day simple moving average of $73.93.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the firm earned $0.18 earnings per share. On average, equities analysts forecast that Marvell Technology will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Large investors have recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised its position in shares of Marvell Technology by 10.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 36,174 shares of the semiconductor company’s stock valued at $2,564,000 after buying an additional 3,341 shares during the last quarter. LRI Investments LLC purchased a new position in Marvell Technology in the 1st quarter worth approximately $180,000. Swedbank AB acquired a new position in shares of Marvell Technology during the 1st quarter worth approximately $21,955,000. Atria Investments Inc grew its position in shares of Marvell Technology by 36.0% in the first quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock valued at $2,191,000 after purchasing an additional 8,189 shares in the last quarter. Finally, Cetera Investment Advisers increased its holdings in shares of Marvell Technology by 357.3% in the first quarter. Cetera Investment Advisers now owns 175,518 shares of the semiconductor company’s stock valued at $12,441,000 after purchasing an additional 137,138 shares during the last quarter. 83.51% of the stock is currently 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.