KeyCorp Issues Pessimistic Forecast for Marvell Technology (NASDAQ:MRVL) Stock Price

Marvell Technology (NASDAQ:MRVL - Free Report) had its target price decreased by KeyCorp from $115.00 to $90.00 in a research note published on Friday,Benzinga reports. KeyCorp currently has an overweight rating on the semiconductor company's stock.

MRVL has been the topic of a number of other reports. Cantor Fitzgerald reaffirmed a "neutral" rating and set a $60.00 target price on shares of Marvell Technology in a report on Friday. Morgan Stanley lowered their target price on Marvell Technology from $90.00 to $70.00 and set an "equal weight" rating on the stock in a report on Tuesday, May 27th. Roth Capital set a $100.00 target price on Marvell Technology in a report on Thursday, March 6th. Needham & Company LLC lowered their target price on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a report on Friday. Finally, Stifel Nicolaus lowered their target price on Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.21.

Marvell Technology Stock Performance

MRVL traded down $4.45 during trading hours on Friday, hitting $59.28. 48,266,075 shares of the stock were exchanged, compared to its average volume of 14,449,962. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a market cap of $51.21 billion, a price-to-earnings ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. Marvell Technology has a 12 month low of $47.09 and a 12 month high of $127.48. The stock has a 50-day simple moving average of $58.72 and a 200-day simple moving average of $86.84.

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

Marvell Technology Announces Dividend

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

Insider Buying and Selling

In other news, EVP Mark Casper sold 12,460 shares of the business's stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Panteha Dixon sold 1,239 shares of the business's stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.01, for a total value of $80,547.39. Following the sale, the chief accounting officer now owns 30,855 shares of the company's stock, valued at approximately $2,005,883.55. This represents a 3.86% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 over the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. purchased a new position in Marvell Technology in the fourth quarter worth $234,000. Prudent Investors Network Inc. purchased a new position in Marvell Technology in the fourth quarter worth $248,000. Hudock Inc. purchased a new position in Marvell Technology in the fourth quarter worth $265,000. Everhart Financial Group Inc. purchased a new position in Marvell Technology in the fourth quarter worth $437,000. Finally, SYM FINANCIAL Corp purchased a new position in Marvell Technology in the fourth quarter worth $263,000. Hedge funds and other 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.