Wells Fargo & Company Lowers Marvell Technology (NASDAQ:MRVL) Price Target to $95.00

Marvell Technology (NASDAQ:MRVL - Free Report) had its target price lowered by Wells Fargo & Company from $120.00 to $95.00 in a report issued on Friday,Benzinga reports. The firm currently has an overweight rating on the semiconductor company's stock.

A number of other equities research analysts also recently weighed in on MRVL. Redburn Atlantic assumed coverage on shares of Marvell Technology in a report on Wednesday. They issued a "neutral" rating and a $67.00 price target for the company. Roth Capital set a $100.00 price target on Marvell Technology in a report on Thursday, March 6th. Benchmark reaffirmed a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday. TD Cowen lifted their price objective on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday. Finally, UBS Group cut their price target on Marvell Technology from $110.00 to $100.00 and set a "buy" rating for the company in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $94.21.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $4.45 during mid-day trading on Friday, hitting $59.28. 48,266,075 shares of the company's 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. The firm's 50 day simple moving average is $58.72 and its 200 day simple moving average is $86.86. Marvell Technology has a 1 year low of $47.09 and a 1 year high of $127.48. The company has a market cap of $51.21 billion, a PE ratio of -34.87, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

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

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend 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 presently -23.53%.

Insiders Place Their Bets

In related news, Director Brad W. Buss purchased 3,000 shares of the firm's stock in a transaction on Friday, March 7th. The shares were acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 626 shares of the company's stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the transaction, the executive vice president now owns 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock worth $2,079,948 over the last 90 days. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Centricity Wealth Management LLC acquired a new stake in Marvell Technology during the fourth quarter valued at $26,000. Hughes Financial Services LLC acquired a new position in Marvell Technology in the first quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology in the fourth quarter valued at approximately $27,000. Rossby Financial LCC purchased a new stake in shares of Marvell Technology during the first quarter worth $27,000. Finally, Financial Connections Group Inc. increased its position in shares of Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after acquiring an additional 388 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.

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.