Marvell Technology (NASDAQ:MRVL) Price Target Raised to $100.00

Marvell Technology (NASDAQ:MRVL) had its price objective lifted by Susquehanna from $80.00 to $100.00 in a report released on Tuesday morning, Marketbeat reports. They currently have a positive rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other research reports. Evercore ISI dropped their price target on Marvell Technology from $133.00 to $122.00 and set an “outperform” rating on the stock in a research note on Friday, August 29th. Rosenblatt Securities lowered their target price on shares of Marvell Technology from $124.00 to $95.00 and set a “buy” rating on the stock in a research report on Friday, August 29th. Barclays reaffirmed an “equal weight” rating and issued a $80.00 target price on shares of Marvell Technology in a report on Monday, October 20th. Benchmark reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 29th. Finally, Roth Capital restated a “buy” rating on shares of Marvell Technology in a research note on Wednesday, October 15th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have issued a Hold rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average target price of $94.41.

Marvell Technology Trading Up 5.1%

NASDAQ MRVL opened at $87.72 on Tuesday. The firm’s fifty day moving average price is $85.77 and its 200 day moving average price is $75.90. Marvell Technology has a 12 month low of $47.08 and a 12 month high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The company has a market capitalization of $75.62 billion, a price-to-earnings ratio of -674.77, a price-to-earnings-growth ratio of 1.10 and a beta of 1.95.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The company had revenue of $2.01 billion during the quarter, compared to the consensus estimate of $2.01 billion. During the same quarter in the prior year, the firm posted $0.30 earnings per share. Marvell Technology’s revenue for the quarter was up 57.6% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology will post 0.91 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has authorized a stock buyback plan on Wednesday, September 24th that permits the company to repurchase $5.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 7.8% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. Marvell Technology’s payout ratio is presently -184.62%.

Insider Activity

In other Marvell Technology news, CFO Willem A. Meintjes purchased 3,400 shares of Marvell Technology stock in a transaction dated Thursday, September 25th. The stock was acquired at an average cost of $78.03 per share, with a total value of $265,302.00. Following the acquisition, the chief financial officer directly owned 132,159 shares of the company’s stock, valued at $10,312,366.77. This represents a 2.64% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Murphy purchased 13,600 shares of the firm’s stock in a transaction that occurred on Thursday, September 25th. The stock was acquired at an average price of $77.09 per share, for a total transaction of $1,048,424.00. Following the completion of the purchase, the chief executive officer owned 268,637 shares of the company’s stock, valued at approximately $20,709,226.33. This represents a 5.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Over the last ninety days, insiders bought 27,200 shares of company stock valued at $2,109,632. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Cetera Investment Advisers increased its holdings in shares of Marvell Technology by 18.1% in the 1st quarter. Cetera Investment Advisers now owns 251,855 shares of the semiconductor company’s stock valued at $15,507,000 after purchasing an additional 38,595 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in Marvell Technology by 26.1% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 243,890 shares of the semiconductor company’s stock valued at $15,016,000 after buying an additional 50,501 shares in the last quarter. LPL Financial LLC lifted its position in shares of Marvell Technology by 18.4% during the 1st quarter. LPL Financial LLC now owns 799,775 shares of the semiconductor company’s stock valued at $49,242,000 after acquiring an additional 124,443 shares during the period. Mackenzie Financial Corp boosted its stake in shares of Marvell Technology by 50.6% during the 1st quarter. Mackenzie Financial Corp now owns 95,436 shares of the semiconductor company’s stock worth $5,876,000 after acquiring an additional 32,081 shares in the last quarter. Finally, Federated Hermes Inc. grew its holdings in shares of Marvell Technology by 65.3% in the 1st quarter. Federated Hermes Inc. now owns 623,367 shares of the semiconductor company’s stock worth $38,381,000 after acquiring an additional 246,336 shares during the period. Institutional investors and hedge funds 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.