Stifel Nicolaus Reaffirms Buy Rating for Marvell Technology (NASDAQ:MRVL)

Stifel Nicolaus reiterated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a report issued on Friday morning, Benzinga reports. The brokerage currently has a $86.00 target price on the semiconductor company’s stock.

A number of other analysts have also recently issued reports on the company. TD Cowen raised their price objective on Marvell Technology from $75.00 to $90.00 and gave the company an outperform rating in a research report on Friday, March 8th. Morgan Stanley raised their price objective on Marvell Technology from $63.00 to $84.00 and gave the company an equal weight rating in a research report on Thursday, March 7th. B. Riley reaffirmed a buy rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Summit Insights raised Marvell Technology from a hold rating to a buy rating in a research report on Friday, March 8th. Finally, UBS Group increased their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a buy rating in a research note on Monday, February 26th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and nineteen have given a buy rating to the stock. According to MarketBeat.com, Marvell Technology presently has an average rating of Moderate Buy and a consensus target price of $79.96.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL opened at $67.88 on Friday. The stock has a 50 day moving average price of $70.40 and a 200 day moving average price of $61.99. Marvell Technology has a 52 week low of $36.90 and a 52 week high of $85.76. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The stock has a market capitalization of $58.78 billion, a PE ratio of -62.85, a price-to-earnings-growth ratio of 5.13 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm posted $0.34 earnings per share. The business’s quarterly revenue was up .6% compared to the same quarter last year. Analysts predict that Marvell Technology will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its board has approved a share repurchase program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares in the company, valued at approximately $7,291,999. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $66.44, for a total value of $332,200.00. Following the sale, the executive vice president now owns 114,117 shares in the company, valued at approximately $7,581,933.48. The disclosure for this sale can be found here. In the last quarter, insiders sold 73,000 shares of company stock valued at $4,894,790. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions in the stock. FMR LLC boosted its position in shares of Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Marvell Technology by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after purchasing an additional 1,890,753 shares in the last quarter. Moneta Group Investment Advisors LLC boosted its position in shares of Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after purchasing an additional 62,400,056 shares in the last quarter. Capital Research Global Investors boosted its position in shares of Marvell Technology by 0.5% during the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after purchasing an additional 185,479 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. boosted its position in shares of Marvell Technology by 6.8% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after purchasing an additional 1,603,857 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

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.