Marvell Technology (NASDAQ:MRVL) Cut to Hold at Wall Street Zen

Wall Street Zen lowered shares of Marvell Technology (NASDAQ:MRVL - Free Report) from a buy rating to a hold rating in a report issued on Saturday morning.

Several other equities analysts have also weighed in on MRVL. Melius Research raised their price objective on shares of Marvell Technology from $67.00 to $76.00 and gave the company a "hold" rating in a research report on Wednesday, June 18th. Redburn Atlantic started coverage on shares of Marvell Technology in a report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $85.00 price objective on shares of Marvell Technology in a research report on Wednesday, June 18th. Morgan Stanley boosted their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Friday, May 30th. Finally, TD Cowen boosted their target price on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. Eight investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Trading Down 0.9%

MRVL stock traded down $0.65 on Friday, hitting $72.71. 9,957,323 shares of the company were exchanged, compared to its average volume of 15,795,669. Marvell Technology has a twelve month low of $47.09 and a twelve month high of $127.48. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The business's fifty day moving average is $67.80 and its two-hundred day moving average is $80.29. The stock has a market capitalization of $62.81 billion, a price-to-earnings ratio of -127.56, a price-to-earnings-growth ratio of 0.79 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the prior year, the firm earned $0.24 earnings per share. The business's quarterly revenue was up 63.3% compared to the same quarter last year. As a group, research analysts forecast that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. The ex-dividend date is Friday, July 11th. Marvell Technology's payout ratio is presently -42.11%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at $2,025,682. This represents a 4.16% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently added to or reduced their stakes in MRVL. Hughes Financial Services LLC bought a new position in Marvell Technology during the 1st quarter worth $26,000. Rossby Financial LCC bought a new position in Marvell Technology during the 1st quarter worth $27,000. Financial Connections Group Inc. increased its position in Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after buying an additional 388 shares during the period. Vision Financial Markets LLC bought a new position in Marvell Technology during the 1st quarter worth $28,000. Finally, Security National Bank bought a new position in Marvell Technology during the 1st quarter worth $31,000. Institutional investors and hedge funds 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.