Marvell Technology (NASDAQ:MRVL) Upgraded by StockNews.com to Hold Rating

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report issued on Friday.

MRVL has been the subject of several other reports. The Goldman Sachs Group raised their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Monday, October 14th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Benchmark upped their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.77.

Marvell Technology Price Performance

NASDAQ MRVL opened at $92.51 on Friday. The firm’s 50 day moving average price is $80.31 and its two-hundred day moving average price is $73.36. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $95.09.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same period in the previous year, the firm earned $0.18 earnings per share. Marvell Technology’s quarterly revenue was down 5.1% on a year-over-year basis. 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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Activity at Marvell Technology

In related 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 completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 transaction of $110,805.00. Following the sale, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. This represents a 1.32 % 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. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. M&T Bank Corp lifted its stake in Marvell Technology by 0.5% during the third quarter. M&T Bank Corp now owns 87,005 shares of the semiconductor company’s stock worth $6,275,000 after purchasing an additional 448 shares during the period. TCW Group Inc. lifted its position in shares of Marvell Technology by 21.4% during the 3rd quarter. TCW Group Inc. now owns 303,966 shares of the semiconductor company’s stock worth $21,922,000 after buying an additional 53,641 shares during the period. TD Private Client Wealth LLC boosted its stake in Marvell Technology by 5.6% in the 3rd quarter. TD Private Client Wealth LLC now owns 25,970 shares of the semiconductor company’s stock valued at $1,873,000 after buying an additional 1,378 shares in the last quarter. Toronto Dominion Bank boosted its stake in Marvell Technology by 32.9% in the 3rd quarter. Toronto Dominion Bank now owns 124,866 shares of the semiconductor company’s stock valued at $9,005,000 after buying an additional 30,893 shares in the last quarter. Finally, Coldstream Capital Management Inc. raised its stake in Marvell Technology by 110.7% during the third quarter. Coldstream Capital Management Inc. now owns 11,228 shares of the semiconductor company’s stock worth $810,000 after acquiring an additional 5,898 shares in the last quarter. 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.