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

Marvell Technology (NASDAQ:MRVL) had its price objective lifted by Susquehanna from $95.00 to $110.00 in a research report report published on Wednesday,Benzinga reports. Susquehanna currently has a positive rating on the semiconductor company’s stock.

Several other brokerages have also issued reports on MRVL. The Goldman Sachs Group increased their price objective on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Wells Fargo & Company increased their price objective on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a report on Tuesday. Finally, Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Performance

Shares of Marvell Technology stock opened at $92.69 on Wednesday. The stock has a market cap of $82.14 billion, a PE ratio of -83.50, a price-to-earnings-growth ratio of 3.92 and a beta of 1.44. The business has a fifty day simple moving average of $82.13 and a 200-day simple moving average of $74.16. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. Marvell Technology has a 12 month low of $50.35 and a 12 month high of $95.55.

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

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is -21.62%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares in the company, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Davidson Kempner Capital Management LP raised its stake in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after acquiring an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. bought a new position in Marvell Technology in the 3rd quarter worth approximately $16,435,000. Charles Schwab Investment Management Inc. raised its position in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares during the last quarter. Diversified Trust Co bought a new position in Marvell Technology in the 2nd quarter worth approximately $932,000. Finally, Silicon Valley Capital Partners raised its position in Marvell Technology by 254.6% in the 3rd quarter. Silicon Valley Capital Partners now owns 32,978 shares of the semiconductor company’s stock worth $2,378,000 after purchasing an additional 23,678 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.