TD Cowen Upgrades Marvell Technology (NASDAQ:MRVL) to Strong-Buy

TD Cowen upgraded shares of Marvell Technology (NASDAQ:MRVL) to a strong-buy rating in a research note issued to investors on Monday, Zacks.com reports.

A number of other equities analysts have also commented on MRVL. Bank of America boosted their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a buy rating in a research report on Friday, August 30th. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the stock an outperform rating in a report on Friday, August 30th. Barclays raised their price target on Marvell Technology from $80.00 to $85.00 and gave the company an overweight rating in a report on Friday, August 30th. Needham & Company LLC reiterated a buy rating and issued a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Piper Sandler restated an overweight rating and set a $100.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has an average rating of Moderate Buy and a consensus price target of $91.62.

Marvell Technology Trading Up 4.7 %

Shares of MRVL opened at $74.88 on Monday. The firm has a market capitalization of $64.82 billion, a price-to-earnings ratio of -66.27, a P/E/G ratio of 3.29 and a beta of 1.46. 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 has a 12-month low of $46.07 and a 12-month high of $85.76. The stock’s 50-day moving average price is $68.19 and its 200 day moving average price is $69.81.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.30. The firm 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 quarter in the prior year, the business posted $0.18 earnings per share. As a group, research analysts predict that Marvell Technology will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the sale, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Over the last quarter, insiders sold 160,000 shares of company stock worth $11,878,785. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC lifted its stake in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new stake in Marvell Technology in the 1st quarter valued at $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the 2nd quarter worth $32,000. Quarry LP bought a new position in Marvell Technology during the 2nd quarter worth about $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the 1st quarter valued at about $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

About Marvell Technology

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.