Marvell Technology (NASDAQ:MRVL) Given New $60.00 Price Target at KeyCorp

Marvell Technology (NASDAQ:MRVL) had its price objective raised by KeyCorp from $55.00 to $60.00 in a research report released on Tuesday, PriceTargets.com reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Other analysts have also recently issued research reports about the company. BMO Capital Markets raised Marvell Technology from a market perform rating to an outperform rating and raised their price target for the company from $45.00 to $50.00 in a report on Monday, March 8th. TheStreet cut Marvell Technology from a b- rating to a c rating in a report on Wednesday, March 3rd. JPMorgan Chase & Co. assumed coverage on Marvell Technology in a report on Tuesday. They issued an overweight rating on the stock. Summit Insights raised Marvell Technology from a hold rating to a buy rating in a report on Tuesday. Finally, Susquehanna Bancshares reaffirmed a buy rating on shares of Marvell Technology in a report on Thursday, June 3rd. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average price target of $54.70.

Shares of MRVL opened at $51.80 on Tuesday. The business’s 50-day moving average is $47.06. The stock has a market cap of $35.00 billion, a PE ratio of -123.33, a price-to-earnings-growth ratio of 2.32 and a beta of 1.10. The company has a debt-to-equity ratio of 0.12, a current ratio of 1.50 and a quick ratio of 1.25. Marvell Technology has a 52-week low of $32.53 and a 52-week high of $55.70.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Sunday, June 6th. The semiconductor company reported $0.29 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.27 by $0.02. Marvell Technology had a positive return on equity of 5.25% and a negative net margin of 8.13%. During the same quarter in the previous year, the business posted $0.18 EPS. As a group, research analysts predict that Marvell Technology will post 1.02 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 28th. Investors of record on Friday, July 9th will be given a dividend of $0.06 per share. The ex-dividend date is Thursday, July 8th. This represents a $0.24 annualized dividend and a yield of 0.46%. Marvell Technology’s payout ratio is 41.38%.

In other news, CEO Matthew J. Murphy sold 7,500 shares of Marvell Technology stock in a transaction that occurred on Monday, March 15th. The stock was sold at an average price of $47.89, for a total value of $359,175.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Matthew J. Murphy sold 20,000 shares of Marvell Technology stock in a transaction that occurred on Monday, May 17th. The stock was sold at an average price of $42.66, for a total value of $853,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 51,071 shares of company stock worth $2,357,411. 0.33% of the stock is owned by corporate insiders.

Several hedge funds have recently modified their holdings of the company. FMR LLC grew its position in shares of Marvell Technology by 1.4% in the 4th quarter. FMR LLC now owns 100,768,315 shares of the semiconductor company’s stock worth $4,790,526,000 after buying an additional 1,375,897 shares during the last quarter. BlackRock Inc. grew its position in shares of Marvell Technology by 4.8% in the 1st quarter. BlackRock Inc. now owns 61,356,750 shares of the semiconductor company’s stock worth $3,005,256,000 after buying an additional 2,835,624 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Marvell Technology by 17.8% in the 1st quarter. Goldman Sachs Group Inc. now owns 17,017,345 shares of the semiconductor company’s stock worth $833,510,000 after buying an additional 2,572,268 shares during the last quarter. Ameriprise Financial Inc. grew its position in shares of Marvell Technology by 9.7% in the 1st quarter. Ameriprise Financial Inc. now owns 12,467,907 shares of the semiconductor company’s stock worth $610,662,000 after buying an additional 1,104,188 shares during the last quarter. Finally, Allianz Asset Management GmbH grew its position in shares of Marvell Technology by 18.6% in the 1st quarter. Allianz Asset Management GmbH now owns 11,230,867 shares of the semiconductor company’s stock worth $550,088,000 after buying an additional 1,758,501 shares during the last quarter. Hedge funds and other institutional investors own 89.31% of the company’s stock.

Marvell Technology Company Profile

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; application specific integrated circuits; and printer SoC products and application processors.

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Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

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