Marvell Technology (NASDAQ:MRVL) Stock Price Expected to Rise, Oppenheimer Analyst Says

Marvell Technology (NASDAQ:MRVL) had its target price raised by Oppenheimer from $90.00 to $110.00 in a research report sent to investors on Tuesday morning, Marketbeat.com reports. Oppenheimer currently has an outperform rating on the semiconductor company’s stock.

A number of other research analysts have also recently issued reports on the company. Piper Sandler reissued an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Barclays increased their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Evercore ISI lifted their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Finally, Bank of America raised their price objective on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $95.39.

Marvell Technology Stock Performance

Shares of NASDAQ:MRVL opened at $90.10 on Tuesday. The company has a market capitalization of $79.85 billion, a price-to-earnings ratio of -81.17, a P/E/G ratio of 4.01 and a beta of 1.44. The firm’s 50 day simple moving average is $81.82 and its 200 day simple moving average is $74.05. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. Marvell Technology has a fifty-two week low of $50.35 and a fifty-two week high of $95.55.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm posted $0.18 earnings per share. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s payout ratio is presently -21.62%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total value of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This represents a 1.32 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the business. B. Riley Wealth Advisors Inc. grew its position in Marvell Technology by 10.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 36,174 shares of the semiconductor company’s stock worth $2,564,000 after buying an additional 3,341 shares in the last quarter. Tidal Investments LLC raised its stake in Marvell Technology by 25.9% in the first quarter. Tidal Investments LLC now owns 91,213 shares of the semiconductor company’s stock valued at $6,465,000 after purchasing an additional 18,752 shares in the last quarter. iA Global Asset Management Inc. raised its stake in Marvell Technology by 4.7% in the first quarter. iA Global Asset Management Inc. now owns 81,230 shares of the semiconductor company’s stock valued at $5,758,000 after purchasing an additional 3,632 shares in the last quarter. Plato Investment Management Ltd grew its stake in Marvell Technology by 853.3% during the first quarter. Plato Investment Management Ltd now owns 15,329 shares of the semiconductor company’s stock worth $1,087,000 after buying an additional 13,721 shares in the last quarter. Finally, Wahed Invest LLC increased its holdings in Marvell Technology by 12.5% in the 1st quarter. Wahed Invest LLC now owns 16,418 shares of the semiconductor company’s stock valued at $1,164,000 after buying an additional 1,825 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.