Marvell Technology, Inc. (NASDAQ:MRVL) Receives $91.77 Consensus Price Target from Brokerages

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) have been given a consensus rating of "Moderate Buy" by the twenty-three ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $91.77.

Several research firms recently issued reports on MRVL. Benchmark lifted their price objective on Marvell Technology from $105.00 to $115.00 and gave the company a "buy" rating in a research note on Friday, August 30th. Morgan Stanley boosted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an "equal weight" rating in a report on Friday, August 30th. Roth Mkm reiterated a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Needham & Company LLC reissued a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, Evercore ISI lifted their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an "outperform" rating in a report on Friday, August 30th.

Marvell Technology Stock Performance

Shares of Marvell Technology stock traded down $2.87 during trading hours on Friday, hitting $87.83. 10,001,282 shares of the company's stock traded hands, compared to its average volume of 12,139,501. The stock has a market capitalization of $77.83 billion, a price-to-earnings ratio of -79.13, a PEG ratio of 3.91 and a beta of 1.44. 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 12-month low of $50.35 and a 12-month high of $95.09. The company has a fifty day simple moving average of $78.89 and a 200-day simple moving average of $72.74.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts' consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company's quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.18 EPS. Equities research analysts anticipate that Marvell Technology will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Transactions at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm's stock in a transaction dated 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 sale, the insider now directly owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 259,500 shares of company stock worth $20,230,710. Company insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently bought and sold shares of MRVL. Davidson Kempner Capital Management LP lifted its stake in shares of Marvell Technology by 26.5% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock valued at $17,482,000 after purchasing an additional 52,365 shares during the period. Diversified Trust Co purchased a new position in Marvell Technology during the second quarter valued at $932,000. Orion Portfolio Solutions LLC lifted its position in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company's stock valued at $2,282,000 after buying an additional 10,306 shares during the period. WD Rutherford LLC boosted its holdings in shares of Marvell Technology by 182.5% during the 3rd quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company's stock valued at $1,317,000 after buying an additional 11,801 shares in the last quarter. Finally, Silicon Valley Capital Partners grew its position in shares of 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 buying an additional 23,678 shares during the period. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.