Loop Capital Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $90.00

Marvell Technology (NASDAQ:MRVL - Free Report) had its target price cut by Loop Capital from $110.00 to $90.00 in a research note issued to investors on Friday morning,Benzinga reports. They currently have a buy rating on the semiconductor company's stock.

Other equities analysts also recently issued research reports about the company. Stifel Nicolaus dropped their price objective on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. TD Cowen upped their price objective on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research note on Friday. Piper Sandler reissued an "overweight" rating and set a $85.00 target price (down previously from $95.00) on shares of Marvell Technology in a report on Friday. UBS Group lowered their target price on shares of Marvell Technology from $110.00 to $100.00 and set a "buy" rating on the stock in a report on Monday, May 19th. Finally, Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $94.21.

Marvell Technology Stock Performance

Shares of NASDAQ MRVL traded down $4.45 during midday trading on Friday, reaching $59.28. The company's stock had a trading volume of 48,266,075 shares, compared to its average volume of 14,540,546. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48. The firm has a 50 day moving average price of $58.72 and a 200-day moving average price of $86.86. The stock has a market capitalization of $51.21 billion, a P/E ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The business had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. As a group, equities analysts predict that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology's payout ratio is -23.53%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,541 shares of company stock valued at $2,079,948. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in shares of Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after buying an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of Marvell Technology by 32.3% during the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after buying an additional 5,050,159 shares during the last quarter. Brown Advisory Inc. grew its stake in shares of Marvell Technology by 2.2% in the first quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after purchasing an additional 423,892 shares during the last quarter. Invesco Ltd. grew its stake in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares during the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Marvell Technology by 6.9% in the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the last quarter. 83.51% of the stock is owned by 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.