Morgan Stanley Raises Marvell Technology (NASDAQ:MRVL) Price Target to $73.00

Marvell Technology (NASDAQ:MRVL - Free Report) had its price target boosted by Morgan Stanley from $70.00 to $73.00 in a report published on Friday,Benzinga reports. They currently have an equal weight rating on the semiconductor company's stock.

Several other equities research analysts have also weighed in on MRVL. Piper Sandler restated an "overweight" rating and set a $85.00 price target (down from $95.00) on shares of Marvell Technology in a research report on Friday. Melius Research downgraded Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a report on Thursday, May 22nd. Evercore ISI dropped their target price on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday. Loop Capital raised Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. Finally, Raymond James reissued an "outperform" rating and issued a $90.00 target price (down from $110.00) on shares of Marvell Technology in a report on Friday. Seven equities research analysts have rated the stock with a hold rating, twenty-three have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus target price of $94.21.

Marvell Technology Stock Down 7.0%

Shares of NASDAQ MRVL traded down $4.45 during mid-day trading on Friday, hitting $59.28. 48,266,075 shares of the stock traded hands, compared to its average volume of 14,540,546. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. Marvell Technology has a 52 week low of $47.09 and a 52 week high of $127.48. The company has a market cap of $51.21 billion, a price-to-earnings ratio of -34.87, a PEG ratio of 1.61 and a beta of 1.83. The stock has a fifty day moving average price of $58.72 and a 200-day moving average price of $86.86.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly 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 positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same period in the previous year, the company posted $0.24 earnings per share. The firm's revenue was up 63.3% on a year-over-year basis. Research analysts anticipate that Marvell Technology will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

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

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction on Friday, March 7th. The stock was bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This represents a 3.57% increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 33,541 shares of company stock worth $2,079,948. 0.33% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Vista Cima Wealth Management LLC purchased a new stake in Marvell Technology in the first quarter worth about $345,000. Silicon Valley Capital Partners grew its position in shares of Marvell Technology by 1.7% during the first quarter. Silicon Valley Capital Partners now owns 33,571 shares of the semiconductor company's stock worth $2,083,000 after purchasing an additional 569 shares in the last quarter. Strs Ohio purchased a new stake in shares of Marvell Technology during the first quarter worth about $16,366,000. Addison Capital Co grew its position in shares of Marvell Technology by 29.5% during the first quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company's stock worth $340,000 after purchasing an additional 1,257 shares in the last quarter. Finally, Advisors Capital Management LLC grew its position in shares of Marvell Technology by 6.2% during the first quarter. Advisors Capital Management LLC now owns 8,770 shares of the semiconductor company's stock worth $540,000 after purchasing an additional 515 shares in the last quarter. 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.