Posted by Defense World Staff on Jun 1st, 2024 
Marvell Technology (NASDAQ:MRVL – Free Report) had its price objective lifted by Barclays from $75.00 to $80.00 in a research note issued to investors on Friday, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.
Several other equities research analysts have also commented on MRVL. StockNews.com lowered shares of Marvell Technology from a hold rating to a sell rating in a research report on Wednesday, May 15th. Roth Mkm reaffirmed a buy rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Evercore ISI upped their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the company an outperform rating in a research report on Friday. Morgan Stanley upped their price target on shares of Marvell Technology from $71.00 to $77.00 and gave the company an equal weight rating in a research report on Friday. Finally, Needham & Company LLC reaffirmed a buy rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $85.00.
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Shares of NASDAQ:MRVL opened at $68.81 on Friday. Marvell Technology has a fifty-two week low of $46.07 and a fifty-two week high of $85.76. The business has a 50-day simple moving average of $70.10 and a two-hundred day simple moving average of $66.03. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The firm has a market cap of $59.55 billion, a price-to-earnings ratio of -60.89, a price-to-earnings-growth ratio of 3.86 and a beta of 1.48.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last issued its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a positive return on equity of 4.46% and a negative net margin of 18.33%. The business had revenue of $1.16 billion during the quarter, compared to analyst estimates of $1.15 billion. During the same quarter in the previous year, the firm earned $0.17 EPS. Marvell Technology’s revenue was down 12.2% on a year-over-year basis. On average, analysts expect that Marvell Technology will post 0.73 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio is currently -21.24%.
Marvell Technology declared that its board has approved a share repurchase plan on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.
In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares in the company, valued at approximately $7,291,999. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $68.57, for a total value of $342,850.00. Following the sale, the executive vice president now owns 119,719 shares in the company, valued at approximately $8,209,131.83. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,500 shares of company stock worth $7,522,055. 0.33% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter worth $511,215,000. Matrix Capital Management Company LP increased its stake in shares of Marvell Technology by 54.3% during the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after buying an additional 4,634,127 shares during the period. Lazard Asset Management LLC increased its stake in shares of Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after buying an additional 3,993,414 shares during the period. Brown Advisory Inc. increased its stake in shares of Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after buying an additional 3,036,495 shares during the period. Finally, Aspex Management HK Ltd increased its stake in shares of Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.
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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.
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