Marvell Technology (NASDAQ:MRVL) Receives Buy Rating from Citigroup

Citigroup reaffirmed their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research note published on Monday, Benzinga reports. Citigroup currently has a $91.00 price objective on the semiconductor company’s stock.

A number of other equities analysts have also commented on the stock. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. The Goldman Sachs Group raised their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Finally, KeyCorp raised their target price on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Down 2.2 %

Shares of NASDAQ MRVL opened at $79.91 on Monday. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market cap of $69.17 billion, a P/E ratio of -70.72, a PEG ratio of 3.17 and a beta of 1.45. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The firm has a 50-day simple moving average of $71.23 and a two-hundred day simple moving average of $70.12.

Marvell Technology (NASDAQ:MRVL) last announced 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 business had revenue of $1.27 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the firm earned $0.18 earnings per share. 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 announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.30%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, CEO Matthew J. Murphy sold 6,000 shares of Marvell Technology stock in a transaction on Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 255,000 shares of company stock worth $19,846,215 over the last three months. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Davidson Kempner Capital Management LP lifted its position in Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the period. Diversified Trust Co acquired a new position in Marvell Technology during the second quarter valued at $932,000. Orion Portfolio Solutions LLC lifted its position in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the period. Ameriprise Financial Inc. lifted its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. lifted its position in Marvell Technology by 20.2% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock valued at $37,505,000 after purchasing an additional 88,918 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.