Marvell Technology's (MRVL) "Neutral" Rating Reaffirmed at Cantor Fitzgerald

Cantor Fitzgerald reissued their neutral rating on shares of Marvell Technology (NASDAQ:MRVL - Free Report) in a research note released on Friday,Benzinga reports. The brokerage currently has a $60.00 price target on the semiconductor company's stock.

MRVL has been the topic of several other reports. Citigroup lowered their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Wells Fargo & Company reissued an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Stifel Nicolaus lowered their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating on the stock in a research note on Thursday, April 17th. Redburn Atlantic initiated coverage on shares of Marvell Technology in a research note on Wednesday. They set a "neutral" rating and a $67.00 target price on the stock. Finally, Melius Research lowered shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 target price on the stock. in a research note on Thursday, May 22nd. 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's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.21.

Marvell Technology Stock Performance

NASDAQ:MRVL traded down $4.45 during mid-day trading on Friday, hitting $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 1 year low of $47.09 and a 1 year high of $127.48. 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 PEG ratio of 1.61 and a beta of 1.83. The business's fifty day moving average is $58.72 and its two-hundred day moving average is $86.86.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results 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 negative net margin of 27.49% and a positive return on equity of 4.59%. 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 prior year, the company earned $0.24 earnings per share. The firm's revenue was up 63.3% on a year-over-year basis. Analysts anticipate that Marvell Technology will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. The trade was a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, Director Brad W. Buss acquired 3,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now directly owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This represents a 3.57% increase in their position. The disclosure for this purchase can be found here. Insiders sold 33,541 shares of company stock worth $2,079,948 in the last 90 days. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently modified their holdings of the company. Centricity Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at $26,000. Hughes Financial Services LLC purchased a new position in Marvell Technology in the first quarter valued at $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology in the fourth quarter valued at $27,000. Rossby Financial LCC purchased a new position in Marvell Technology in the first quarter valued at $27,000. Finally, Financial Connections Group Inc. boosted its holdings in Marvell Technology by 776.0% in the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 388 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.