Marvell Technology (NASDAQ:MRVL) Price Target Raised to $110.00 at Wells Fargo & Company

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

Several other equities analysts have also recently issued reports on MRVL. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Oppenheimer increased their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a research note on Tuesday. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $95.39.

Marvell Technology Stock Performance

Shares of MRVL opened at $92.69 on Tuesday. The firm has a market capitalization of $82.14 billion, a PE ratio of -83.50, a P/E/G ratio of 3.92 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm has a 50-day moving average price of $82.13 and a 200 day moving average price of $74.16. Marvell Technology has a 52-week low of $50.35 and a 52-week high of $95.55.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, meeting the consensus estimate 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 during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the firm posted $0.18 earnings per share. The business’s revenue was down 5.1% on a year-over-year basis. On average, sell-side analysts anticipate that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

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