Marvell Technology (NASDAQ:MRVL) Upgraded to “Hold” at StockNews.com

Marvell Technology (NASDAQ:MRVL) was upgraded by StockNews.com from a “sell” rating to a “hold” rating in a research note issued to investors on Monday.

Several other research firms also recently weighed in on MRVL. Stifel Nicolaus reiterated a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley lifted their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Evercore ISI boosted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday. Finally, Benchmark raised their target price on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus price target of $96.43.

Marvell Technology Stock Performance

MRVL stock traded up $4.17 during mid-day trading on Monday, hitting $96.86. The company had a trading volume of 17,420,682 shares, compared to its average volume of 12,002,890. 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 firm has a market cap of $85.84 billion, a PE ratio of -87.26, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. Marvell Technology has a 12 month low of $50.35 and a 12 month high of $97.63. The stock’s fifty day moving average price is $82.50 and its two-hundred day moving average price is $74.40.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm posted $0.18 EPS. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. On average, analysts forecast that Marvell Technology will post 0.78 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction that occurred on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. This trade represents a 20.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. 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 currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Citizens Financial Group Inc. RI grew its holdings in Marvell Technology by 1.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after acquiring an additional 116 shares during the last quarter. Crumly & Associates Inc. increased its holdings in Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares during the period. United Capital Management of KS Inc. increased its holdings in Marvell Technology by 0.4% during the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after purchasing an additional 131 shares during the period. Tlwm raised its position in Marvell Technology by 1.6% during the 2nd quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 136 shares during the last quarter. Finally, Integrated Wealth Concepts LLC raised its position in Marvell Technology by 1.4% during the 3rd quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during 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.