Marvell Technology (NASDAQ:MRVL) Price Target Raised to $110.00

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

A number of other analysts also recently issued reports on the stock. Oppenheimer raised their price target on shares of Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a report on Tuesday. Citigroup restated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research report on Monday, October 14th. Evercore ISI increased their price target on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Benchmark boosted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $90.10 on Tuesday. Marvell Technology has a one year low of $50.35 and a one year high of $95.55. The stock has a market cap of $79.85 billion, a PE ratio of -81.17, a P/E/G ratio of 4.01 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The stock has a 50 day moving average price of $81.82 and a 200 day moving average price of $74.05.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data 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 analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the business earned $0.18 earnings per share. Equities research analysts expect that Marvell Technology will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.27%. Marvell Technology’s payout ratio is currently -21.62%.

Insider Activity

In related news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now directly owns 22,494 shares of the company’s stock, valued at $1,593,250.02. This represents a 10.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This trade represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Peapack Gladstone Financial Corp boosted its stake in shares of Marvell Technology by 27.3% during the third quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock worth $1,681,000 after buying an additional 5,005 shares during the period. Synovus Financial Corp lifted its position in Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after acquiring an additional 2,445 shares during the period. Wilmington Savings Fund Society FSB purchased a new position in shares of Marvell Technology in the 3rd quarter valued at approximately $3,432,000. World Investment Advisors LLC increased its holdings in shares of Marvell Technology by 1.4% in the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock valued at $2,911,000 after purchasing an additional 560 shares during the period. Finally, Sanctuary Advisors LLC raised its stake in shares of Marvell Technology by 42.5% during the third quarter. Sanctuary Advisors LLC now owns 75,027 shares of the semiconductor company’s stock worth $5,411,000 after purchasing an additional 22,382 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.