Marvell Technology’s (MRVL) Overweight Rating Reiterated at Piper Sandler

Piper Sandler reaffirmed their overweight rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report released on Friday morning,Benzinga reports. They currently have a $85.00 price target on the semiconductor company’s stock, down from their previous price target of $95.00.

Several other equities research analysts have also recently issued reports on the company. Susquehanna cut their price target on Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a research note on Tuesday, May 27th. Cantor Fitzgerald reiterated a “neutral” rating and issued a $60.00 price target on shares of Marvell Technology in a research note on Friday. UBS Group cut their price target on Marvell Technology from $110.00 to $100.00 and set a “buy” rating for the company in a research note on Monday, May 19th. Redburn Atlantic started coverage on shares of Marvell Technology in a research report on Wednesday, May 28th. They set a “neutral” rating and a $67.00 price objective for the company. Finally, TD Cowen boosted their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the company a “buy” rating in a research report on Friday. Seven equities research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $94.21.

Marvell Technology Trading Down 7.0%

Shares of NASDAQ:MRVL opened at $59.28 on Friday. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48. The stock has a market cap of $51.21 billion, a PE ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83. The business has a 50 day moving average of $58.72 and a 200-day moving average of $86.81. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm’s revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. As a group, equities research analysts forecast that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.40%. The ex-dividend date was Friday, April 11th. Marvell Technology’s payout ratio is -42.11%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the business’s stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently modified their holdings of MRVL. Vista Cima Wealth Management LLC bought a new stake in shares of Marvell Technology during the 1st quarter valued at about $345,000. Silicon Valley Capital Partners boosted its stake in shares of Marvell Technology by 1.7% during the 1st quarter. Silicon Valley Capital Partners now owns 33,571 shares of the semiconductor company’s stock valued at $2,083,000 after purchasing an additional 569 shares in the last quarter. Strs Ohio bought a new stake in Marvell Technology during the first quarter worth about $16,366,000. Addison Capital Co grew its holdings in Marvell Technology by 29.5% in the first quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company’s stock worth $340,000 after purchasing an additional 1,257 shares during the period. Finally, Advisors Capital Management LLC grew its holdings in Marvell Technology by 6.2% in the first quarter. Advisors Capital Management LLC now owns 8,770 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 515 shares during the period. Hedge funds and other institutional investors 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.