StockNews.com Lowers Marvell Technology (NASDAQ:MRVL) to Sell

StockNews.com lowered shares of Marvell Technology (NASDAQ:MRVL) from a hold rating to a sell rating in a research report sent to investors on Wednesday morning.

Several other research firms also recently weighed in on MRVL. Rosenblatt Securities lifted their target price on Marvell Technology from $100.00 to $120.00 and gave the company a buy rating in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an overweight rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a strong-buy rating in a report on Monday, September 16th. Stifel Nicolaus reaffirmed a buy rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Piper Sandler reissued an overweight rating and issued a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $91.62.

Marvell Technology Price Performance

NASDAQ MRVL opened at $73.41 on Wednesday. The company has a 50-day moving average price of $68.91 and a 200-day moving average price of $69.68. Marvell Technology has a 52 week low of $46.07 and a 52 week high of $85.76. 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 market capitalization of $63.54 billion, a P/E ratio of -64.96, a PEG ratio of 3.12 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The business 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%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the prior year, the company earned $0.18 earnings per share. Equities research analysts anticipate that Marvell Technology will post 0.78 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insider Activity at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction dated Monday, July 8th. The shares were 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 $62,892,825. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In related news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was 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 directly owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the business’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 160,000 shares of company stock valued at $11,880,685. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently made changes to their positions in the company. Lazard Asset Management LLC grew its position in Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after acquiring an additional 3,993,414 shares during the last quarter. Aspex Management HK Ltd grew its holdings in shares of Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after purchasing an additional 2,908,912 shares during the last quarter. Whale Rock Capital Management LLC purchased a new position in Marvell Technology in the 1st quarter worth about $181,559,000. Ameriprise Financial Inc. lifted its holdings in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Finally, Swedbank AB lifted its holdings in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock valued at $163,148,000 after buying an additional 2,024,269 shares in the last quarter. Institutional investors own 83.51% of the company’s stock.

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.