JPMorgan Chase & Co. Trims Marvell Technology (NASDAQ:MRVL) Target Price to $60.00

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective cut by JPMorgan Chase & Co. from $72.00 to $60.00 in a research note issued to investors on Friday morning, Benzinga reports. They currently have an overweight rating on the semiconductor company’s stock.

A number of other equities analysts have also recently weighed in on the company. StockNews.com upgraded Marvell Technology from a sell rating to a hold rating in a report on Monday, January 2nd. Barclays decreased their price target on Marvell Technology from $55.00 to $45.00 and set an overweight rating for the company in a report on Monday, January 23rd. Citigroup decreased their price target on Marvell Technology from $65.00 to $58.00 in a report on Friday. Cowen cut their target price on Marvell Technology from $70.00 to $55.00 and set an outperform rating on the stock in a research report on Friday, December 2nd. Finally, Deutsche Bank Aktiengesellschaft cut their target price on Marvell Technology from $55.00 to $50.00 and set a buy rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-two have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and an average target price of $58.54.

Marvell Technology Trading Down 4.7 %

Shares of NASDAQ:MRVL opened at $44.04 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.92 and a debt-to-equity ratio of 0.25. Marvell Technology has a 1 year low of $33.75 and a 1 year high of $76.59. The stock has a 50-day simple moving average of $41.97 and a 200-day simple moving average of $42.87.

Marvell Technology (NASDAQ:MRVL – Get Rating) last issued its earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.47 by ($0.01). Marvell Technology had a positive return on equity of 8.47% and a negative net margin of 2.76%. The firm had revenue of $1.42 billion for the quarter, compared to analysts’ expectations of $1.41 billion. During the same quarter in the previous year, the firm posted $0.35 EPS. The firm’s revenue for the quarter was up 5.6% compared to the same quarter last year. As a group, sell-side analysts forecast that Marvell Technology will post 1.38 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 25th. Shareholders of record on Friday, January 6th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.54%. The ex-dividend date of this dividend was Thursday, January 5th. Marvell Technology’s dividend payout ratio is presently -126.32%.

Insiders Place Their Bets

In other Marvell Technology news, CAO Willem A. Meintjes sold 10,000 shares of the stock in a transaction on Friday, January 6th. The stock was sold at an average price of $34.92, for a total value of $349,200.00. Following the sale, the chief accounting officer now directly owns 72,896 shares of the company’s stock, valued at $2,545,528.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the stock in a transaction on Wednesday, February 1st. The stock was sold at an average price of $45.00, for a total value of $270,000.00. Following the completion of the transaction, the executive vice president now owns 18,879 shares of the company’s stock, valued at $849,555. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Willem A. Meintjes sold 10,000 shares of the stock in a transaction on Friday, January 6th. The stock was sold at an average price of $34.92, for a total value of $349,200.00. Following the completion of the transaction, the chief accounting officer now directly owns 72,896 shares of the company’s stock, valued at approximately $2,545,528.32. The disclosure for this sale can be found here. Insiders have sold 68,978 shares of company stock valued at $2,881,891 over the last three months. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Guardian Wealth Advisors LLC bought a new position in shares of Marvell Technology in the third quarter worth $26,000. MADDEN SECURITIES Corp bought a new position in Marvell Technology during the fourth quarter valued at about $27,000. Resurgent Financial Advisors LLC bought a new position in Marvell Technology during the fourth quarter valued at about $28,000. Worth Asset Management LLC bought a new position in Marvell Technology during the first quarter valued at about $40,000. Finally, TimeScale Financial Inc. boosted its stake in Marvell Technology by 2,480.6% during the third quarter. TimeScale Financial Inc. now owns 800 shares of the semiconductor company’s stock valued at $34,000 after buying an additional 769 shares in the last quarter. Institutional investors own 81.28% of the company’s stock.

Marvell Technology Company Profile

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.