Marvell Technology, Inc. (NASDAQ:MRVL) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Marvell Technology, Inc. (NASDAQ:MRVL) has been assigned a consensus recommendation of “Moderate Buy” from the twenty-two brokerages that are covering the stock, Marketbeat Ratings reports. One investment analyst has rated the stock with a hold recommendation and twenty-one have issued a buy recommendation on the company. The average twelve-month price target among brokers that have issued a report on the stock in the last year is $85.00.

MRVL has been the topic of several research analyst reports. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Evercore ISI increased their price target on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday, May 31st. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Finally, Barclays increased their price objective on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st.

Marvell Technology Stock Up 1.8 %

Shares of Marvell Technology stock opened at $73.14 on Wednesday. The company has a fifty day moving average price of $69.90 and a 200 day moving average price of $67.53. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology has a twelve month low of $46.07 and a twelve month high of $85.76. The stock has a market cap of $63.31 billion, a price-to-earnings ratio of -64.73, a price-to-earnings-growth ratio of 3.47 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. During the same period in the prior year, the company posted $0.17 EPS. Equities research analysts forecast that Marvell Technology will post 0.75 earnings per share for the current fiscal year.

Marvell Technology announced that its Board of Directors has authorized a share buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the sale, the chief financial officer now directly owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, April 1st. The shares were sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total transaction of $356,250.00. Following the completion of the transaction, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at approximately $7,774,586.25. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 79,500 shares of company stock worth $5,504,065. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. SJS Investment Consulting Inc. lifted its position in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after buying an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC lifted its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the last quarter. Oliver Lagore Vanvalin Investment Group increased its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares during the period. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology during the 1st quarter worth about $31,000. Finally, Raleigh Capital Management Inc. increased its holdings in shares of Marvell Technology by 532.3% during the 3rd quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 527 shares during the period. Hedge funds and other 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.