Marvell Technology’s (MRVL) “Buy” Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Marvell Technology (NASDAQ:MRVL – Get Rating) in a research note released on Friday morning, Benzinga reports. They currently have a $50.00 target price on the semiconductor company’s stock.

A number of other analysts have also recently commented on the company. Oppenheimer dropped their price target on Marvell Technology from $80.00 to $70.00 in a research report on Tuesday, January 10th. The Goldman Sachs Group lowered their price objective on Marvell Technology from $62.00 to $54.00 and set a buy rating on the stock in a research report on Friday, December 2nd. Barclays lowered their price objective on Marvell Technology from $55.00 to $45.00 and set an overweight rating on the stock in a research report on Monday, January 23rd. Credit Suisse Group lowered their price objective on Marvell Technology from $56.00 to $53.00 and set an outperform rating on the stock in a research report on Friday. Finally, KeyCorp lowered their price objective on Marvell Technology from $65.00 to $60.00 and set an overweight rating on the stock in a research report on Friday. One analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-two have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $58.54.

Marvell Technology Stock Performance

Shares of MRVL opened at $44.04 on Friday. The company has a quick ratio of 0.92, a current ratio of 1.31 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average price is $41.97 and its 200-day moving average price is $42.87. Marvell Technology has a 52 week low of $33.75 and a 52 week high of $76.59. The stock has a market cap of $37.57 billion, a P/E ratio of -231.79, a P/E/G ratio of 2.93 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL – Get Rating) last issued its quarterly earnings results on Thursday, March 2nd. The semiconductor company reported $0.46 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 company had revenue of $1.42 billion during the quarter, compared to the consensus estimate of $1.41 billion. During the same period in the prior year, the firm earned $0.35 earnings per share. The business’s revenue for the quarter was up 5.6% compared to the same quarter last year. Equities research analysts anticipate that Marvell Technology will post 1.38 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 46,200 shares of the company’s stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $42.22, for a total value of $1,950,564.00. Following the completion of the sale, the insider now directly owns 757,342 shares in the company, valued at approximately $31,974,979.24. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 completion of the sale, the chief accounting officer now owns 72,896 shares in the company, valued at approximately $2,545,528.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Muhammad Raghib Hussain sold 46,200 shares of the stock in a transaction on Tuesday, January 31st. The stock was sold at an average price of $42.22, for a total value of $1,950,564.00. Following the completion of the sale, the insider now owns 757,342 shares of the company’s stock, valued at approximately $31,974,979.24. The disclosure for this sale can be found here. Insiders sold 68,978 shares of company stock worth $2,881,891 in the last three months. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently bought and sold shares of the business. Macquarie Group Ltd. increased its stake in Marvell Technology by 2.2% in the 4th quarter. Macquarie Group Ltd. now owns 3,816,780 shares of the semiconductor company’s stock worth $141,373,000 after buying an additional 81,763 shares in the last quarter. Equitable Trust Co. bought a new position in shares of Marvell Technology during the 4th quarter valued at about $401,000. National Pension Service boosted its holdings in shares of Marvell Technology by 5.5% during the 4th quarter. National Pension Service now owns 1,691,226 shares of the semiconductor company’s stock valued at $62,643,000 after purchasing an additional 88,739 shares during the last quarter. Truist Financial Corp boosted its holdings in shares of Marvell Technology by 352.6% during the 4th quarter. Truist Financial Corp now owns 440,364 shares of the semiconductor company’s stock valued at $16,311,000 after purchasing an additional 343,059 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC boosted its holdings in shares of Marvell Technology by 19.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,453 shares of the semiconductor company’s stock valued at $2,313,000 after purchasing an additional 9,971 shares during the last quarter. Hedge funds and other institutional investors own 81.28% of the company’s stock.

About Marvell Technology

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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.