Posted by Defense World Staff on Jun 1st, 2024 
Needham & Company LLC restated their buy rating on shares of Marvell Technology (NASDAQ:MRVL – Free Report) in a report issued on Friday morning, Benzinga reports. They currently have a $95.00 target price on the semiconductor company’s stock.
MRVL has been the topic of several other reports. KeyCorp cut their price target on shares of Marvell Technology from $95.00 to $90.00 and set an overweight rating on the stock in a research report on Monday, April 8th. Stifel Nicolaus reiterated a buy rating and issued a $86.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Evercore ISI initiated coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They issued an outperform rating and a $88.00 price target on the stock. UBS Group upped their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the company a buy rating in a research note on Monday, February 26th. Finally, Citigroup reiterated a buy rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company. According to MarketBeat, Marvell Technology has a consensus rating of Moderate Buy and an average price target of $85.00.
Check Out Our Latest Report on Marvell Technology
Shares of NASDAQ:MRVL opened at $68.81 on Friday. The company’s 50-day moving average price is $70.10 and its two-hundred day moving average price is $66.03. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology has a one year low of $46.07 and a one year high of $85.76. The stock has a market capitalization of $59.55 billion, a PE 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 quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.46%. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. During the same period in the previous year, the firm posted $0.17 EPS. The company’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, equities analysts forecast that Marvell Technology will post 0.73 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s payout ratio is -21.24%.
Marvell Technology declared that its Board of Directors has approved a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s board of directors believes its shares are undervalued.
In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the completion of the transaction, the chief executive officer now owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the completion of the transaction, the chief executive officer now owns 732,929 shares of the company’s stock, valued at $48,497,911.93. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,522,055 in the last quarter. Insiders own 0.33% of the company’s stock.
Several large investors have recently modified their holdings of the business. FMR LLC increased its position in shares of Marvell Technology by 0.3% during the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after buying an additional 421,622 shares during the period. Vanguard Group Inc. increased its position in shares of Marvell Technology by 0.6% during the first quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after buying an additional 468,086 shares during the period. Capital Research Global Investors increased its position in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after buying an additional 185,479 shares during the period. Matrix Capital Management Company LP increased its position in shares of Marvell Technology by 14.3% during the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after buying an additional 1,888,676 shares during the period. Finally, Brown Advisory Inc. increased its position 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 worth $890,475,000 after buying an additional 3,036,495 shares during the period. 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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