Marvell Technology (NASDAQ:MRVL) Price Target Lowered to $80.00 at Oppenheimer

Marvell Technology (NASDAQ:MRVLGet Rating) had its price target decreased by Oppenheimer from $90.00 to $80.00 in a research note issued to investors on Monday, The Fly reports. Oppenheimer currently has an outperform rating on the semiconductor company’s stock. Oppenheimer also issued estimates for Marvell Technology’s Q4 2023 earnings at $0.46 EPS, FY2023 earnings at $1.65 EPS, Q1 2024 earnings at $0.46 EPS, Q2 2024 earnings at $0.49 EPS, Q3 2024 earnings at $0.52 EPS, Q4 2024 earnings at $0.56 EPS and FY2024 earnings at $2.03 EPS.

A number of other research firms have also recently issued reports on MRVL. B. Riley cut their target price on shares of Marvell Technology from $63.00 to $52.00 and set a neutral rating for the company in a research note on Tuesday, October 4th. BNP Paribas assumed coverage on shares of Marvell Technology in a research report on Tuesday, September 13th. They set an outperform rating and a $62.00 price target on the stock. Stifel Nicolaus lowered their price target on shares of Marvell Technology from $78.00 to $70.00 and set a buy rating on the stock in a research report on Thursday, September 29th. Credit Suisse Group assumed coverage on shares of Marvell Technology in a research report on Tuesday, November 15th. They set an outperform rating and a $56.00 price target on the stock. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Marvell Technology from $65.00 to $55.00 and set a buy rating on the stock in a research report on Tuesday, October 18th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and twenty-seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and a consensus price target of $75.89.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $45.40 on Monday. The firm has a 50-day moving average of $41.60 and a 200-day moving average of $47.73. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.35. The stock has a market cap of $38.71 billion, a PE ratio of -174.62, a P/E/G ratio of 1.90 and a beta of 1.39. Marvell Technology has a 52-week low of $35.30 and a 52-week high of $93.85.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 26th. Stockholders of record on Friday, October 7th were given a $0.06 dividend. The ex-dividend date was Thursday, October 6th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.53%. Marvell Technology’s dividend payout ratio (DPR) is currently -92.31%.

Insider Transactions at Marvell Technology

In other news, EVP Mitchell Gaynor sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.75, for a total value of $238,750.00. Following the transaction, the executive vice president now owns 108,429 shares in the company, valued at approximately $5,177,484.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, EVP Mitchell Gaynor sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, September 15th. The shares were sold at an average price of $47.75, for a total value of $238,750.00. Following the transaction, the executive vice president now owns 108,429 shares in the company, valued at approximately $5,177,484.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Nariman Yousefi sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, October 3rd. The stock was sold at an average price of $45.00, for a total transaction of $450,000.00. Following the completion of the transaction, the executive vice president now owns 274,144 shares in the company, valued at approximately $12,336,480. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 20,000 shares of company stock worth $886,800. Company insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds have recently modified their holdings of the stock. Toroso Investments LLC increased its stake in shares of Marvell Technology by 6.3% in the 3rd quarter. Toroso Investments LLC now owns 20,559 shares of the semiconductor company’s stock valued at $882,000 after acquiring an additional 1,221 shares in the last quarter. IHT Wealth Management LLC increased its stake in shares of Marvell Technology by 26.4% in the 3rd quarter. IHT Wealth Management LLC now owns 12,344 shares of the semiconductor company’s stock valued at $530,000 after acquiring an additional 2,582 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its stake in shares of Marvell Technology by 2.5% in the 3rd quarter. B. Riley Wealth Advisors Inc. now owns 45,868 shares of the semiconductor company’s stock valued at $1,969,000 after acquiring an additional 1,108 shares in the last quarter. Teachers Retirement System of The State of Kentucky bought a new stake in shares of Marvell Technology in the 3rd quarter valued at $8,199,000. Finally, Industrial Alliance Investment Management Inc. increased its stake in shares of Marvell Technology by 4.2% in the 3rd quarter. Industrial Alliance Investment Management Inc. now owns 53,146 shares of the semiconductor company’s stock valued at $2,280,000 after acquiring an additional 2,161 shares in the last quarter. Institutional investors own 80.95% of the company’s stock.

About Marvell Technology

(Get Rating)

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; ASIC; and printer System-on-a-Chip products and application processors.

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