Marvell Technology (NASDAQ:MRVL) PT Raised to $65.00

Posted by Shane Hupp on May 26th, 2023

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price target hoisted by Deutsche Bank Aktiengesellschaft from $50.00 to $65.00 in a research report report published on Friday morning, The Fly reports.

MRVL has been the topic of a number of other research reports. Raymond James started coverage on Marvell Technology in a research report on Wednesday, March 1st. They set an outperform rating and a $54.00 price objective on the stock. JPMorgan Chase & Co. reduced their price target on Marvell Technology from $72.00 to $60.00 and set an overweight rating on the stock in a research report on Friday, March 3rd. Piper Sandler reduced their price target on Marvell Technology from $55.00 to $50.00 and set an overweight rating on the stock in a research report on Friday, March 3rd. Morgan Stanley upped their price target on Marvell Technology from $41.00 to $45.00 in a research report on Friday, March 3rd. Finally, Rosenblatt Securities reduced their price target on Marvell Technology from $125.00 to $100.00 in a research report on Friday, March 3rd. Three investment analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of Moderate Buy and an average target price of $58.58.

Marvell Technology Stock Up 7.6 %

NASDAQ MRVL opened at $49.47 on Friday. The company has a current ratio of 1.37, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25. The company has a market cap of $42.50 billion, a price-to-earnings ratio of -260.37, a PEG ratio of 16.16 and a beta of 1.44. The company has a 50 day moving average of $41.16 and a 200-day moving average of $41.52. Marvell Technology has a 1-year low of $33.75 and a 1-year high of $61.50.

Marvell Technology (NASDAQ:MRVL – Get Rating) last released its earnings results on Thursday, May 25th. The semiconductor company reported $0.31 earnings per share for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Marvell Technology had a positive return on equity of 8.46% and a negative net margin of 2.76%. The company’s revenue was down 8.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.37 EPS. On average, equities research analysts expect that Marvell Technology will post 0.85 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, April 5th. Marvell Technology’s dividend payout ratio is presently -126.32%.

Insider Activity

In other news, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction that occurred on Thursday, May 18th. 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 directly owns 12,879 shares of the company’s stock, valued at $579,555. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently made changes to their positions in the stock. Edge Capital Group LLC grew its position in shares of Marvell Technology by 6.0% in the fourth quarter. Edge Capital Group LLC now owns 4,273 shares of the semiconductor company’s stock valued at $158,000 after purchasing an additional 240 shares in the last quarter. Gagnon Securities LLC grew its position in shares of Marvell Technology by 1.6% in the fourth quarter. Gagnon Securities LLC now owns 15,369 shares of the semiconductor company’s stock valued at $569,000 after purchasing an additional 247 shares in the last quarter. Quilter Plc purchased a new position in shares of Marvell Technology in the first quarter valued at $248,250,000. Lido Advisors LLC grew its position in shares of Marvell Technology by 1.6% in the third quarter. Lido Advisors LLC now owns 15,599 shares of the semiconductor company’s stock valued at $669,000 after purchasing an additional 251 shares in the last quarter. Finally, Allworth Financial LP grew its position in shares of Marvell Technology by 10.3% in the fourth quarter. Allworth Financial LP now owns 2,787 shares of the semiconductor company’s stock valued at $103,000 after purchasing an additional 260 shares in the last quarter. 81.28% of the stock is owned by institutional investors.

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.