Marvell Technology (NASDAQ:MRVL) Receives “Outperform” Rating from Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report report published on Friday morning, Benzinga reports. They currently have a $90.00 target price on the semiconductor company’s stock, up from their prior target price of $80.00.

A number of other analysts have also recently commented on the stock. B. Riley upped their price target on shares of Marvell Technology from $95.00 to $100.00 and gave the company a buy rating in a research note on Friday. KeyCorp dropped their price target on shares of Marvell Technology from $95.00 to $90.00 and set an overweight rating on the stock in a research note on Monday, April 8th. Evercore ISI increased their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an outperform rating in a research note on Friday. Summit Insights upgraded shares of Marvell Technology from a hold rating to a buy rating in a research note on Friday, March 8th. Finally, Jefferies Financial Group started coverage on shares of Marvell Technology in a research note on Monday, May 13th. They issued a buy rating and a $85.00 target price on the stock. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $85.00.

Marvell Technology Stock Down 0.9 %

MRVL opened at $68.21 on Friday. The stock has a market cap of $59.03 billion, a price-to-earnings ratio of -60.36, a PEG ratio of 3.45 and a beta of 1.46. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The company’s 50-day moving average price is $70.18 and its two-hundred day moving average price is $66.36. Marvell Technology has a twelve month low of $46.07 and a twelve month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.46%. Marvell Technology’s revenue was down 12.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.17 EPS. As a group, equities analysts expect that Marvell Technology will post 0.73 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s payout ratio is presently -21.24%.

Marvell Technology declared that its Board of Directors has approved a share repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock repurchase programs are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at $7,107,958.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now owns 109,117 shares in the company, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,522,055 in the last 90 days. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently modified their holdings of MRVL. SJS Investment Consulting Inc. boosted its stake in shares of Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC boosted its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares in the last quarter. Oliver Lagore Vanvalin Investment Group boosted its stake in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after purchasing an additional 165 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Marvell Technology during the 1st quarter valued at about $31,000. Finally, Raleigh Capital Management Inc. boosted its stake in shares of Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock valued at $34,000 after purchasing an additional 527 shares in the last quarter. Hedge funds and other 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.