Wells Fargo & Company Issues Positive Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL) had its price objective increased by Wells Fargo & Company from $90.00 to $110.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has an overweight rating on the semiconductor company’s stock.

Other research analysts have also recently issued reports about the stock. Benchmark increased their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America raised their price target on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Trading Down 3.3 %

Shares of MRVL stock opened at $90.10 on Tuesday. The business’s fifty day moving average price is $81.82 and its 200 day moving average price is $74.05. The firm has a market capitalization of $79.85 billion, a PE ratio of -81.17, a P/E/G ratio of 4.01 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 1-year low of $50.35 and a 1-year high of $95.55.

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, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the company posted $0.18 EPS. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, sell-side analysts forecast that Marvell Technology will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.27%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -21.62%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now directly owns 103,244 shares in the company, valued at $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, 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 shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares in the company, valued at $8,255,194.11. The trade was 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 valued at $20,899,260. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in MRVL. True Wealth Design LLC boosted its holdings in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the last quarter. Quarry LP bought a new position in Marvell Technology in the 2nd quarter worth approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Whittier Trust Co. raised its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC acquired a new position in Marvell Technology during the 3rd quarter worth $37,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Company Profile

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.