Marvell Technology (NASDAQ:MRVL) Price Target Raised to $110.00 at Susquehanna

Marvell Technology (NASDAQ:MRVL) had its price target raised by Susquehanna from $95.00 to $110.00 in a research report released on Wednesday,Benzinga reports. They currently have a positive rating on the semiconductor company’s stock.

A number of other research analysts also recently weighed in on the company. Citigroup reissued a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Monday, October 14th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reiterated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Finally, TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $95.39.

Marvell Technology Stock Down 3.3 %

MRVL opened at $90.10 on Wednesday. The stock has a market capitalization of $79.85 billion, a price-to-earnings ratio of -81.17, a PEG ratio of 4.01 and a beta of 1.44. The firm has a 50 day moving average price of $81.45 and a 200-day moving average price of $73.93. Marvell Technology has a twelve month low of $50.35 and a twelve month high of $95.55. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 EPS. Equities research analysts forecast that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock valued at $20,899,260 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the stock. True Wealth Design LLC grew its stake 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 worth $25,000 after purchasing an additional 326 shares in the last quarter. Strategic Investment Solutions Inc. IL bought a new position in shares of Marvell Technology during the 2nd quarter worth $32,000. Quarry LP purchased a new position in shares of Marvell Technology during the second quarter valued at $32,000. Whittier Trust Co. raised its holdings in shares of Marvell Technology by 74.5% in the third 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 purchased a new stake in Marvell Technology in the third quarter worth about $37,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.