Marvell Technology (NASDAQ:MRVL – Get Rating) was downgraded by StockNews.com from a “hold” rating to a “sell” rating in a research note issued on Friday.
Other equities analysts have also recently issued research reports about the company. Needham & Company LLC reduced their price target on Marvell Technology from $105.00 to $75.00 in a report on Friday, May 27th. Deutsche Bank Aktiengesellschaft reduced their price target on Marvell Technology from $80.00 to $75.00 in a report on Friday, May 27th. Piper Sandler reduced their price objective on Marvell Technology from $100.00 to $80.00 in a report on Friday, March 4th. Susquehanna Bancshares reduced their price objective on Marvell Technology from $105.00 to $90.00 and set a “positive” rating for the company in a report on Wednesday, May 25th. Finally, B. Riley reduced their price objective on Marvell Technology from $95.00 to $72.00 in a report on Monday, May 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Buy” and a consensus price target of $88.12.
Shares of NASDAQ MRVL traded down $3.41 during mid-day trading on Friday, hitting $53.07. The company had a trading volume of 12,026,494 shares, compared to its average volume of 11,060,926. The company has a market capitalization of $45.10 billion, a PE ratio of -87.00, a price-to-earnings-growth ratio of 1.95 and a beta of 1.27. The firm has a 50-day simple moving average of $59.18 and a two-hundred day simple moving average of $69.87. The company has a current ratio of 1.67, a quick ratio of 1.13 and a debt-to-equity ratio of 0.29. Marvell Technology has a one year low of $50.41 and a one year high of $93.85.
Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. Marvell Technology had a positive return on equity of 6.92% and a negative net margin of 9.82%. The company had revenue of $1.45 billion during the quarter, compared to analysts’ expectations of $1.43 billion. During the same quarter last year, the company earned $0.15 EPS. Marvell Technology’s revenue for the quarter was up 73.8% compared to the same quarter last year. Sell-side analysts expect that Marvell Technology will post 1.7 earnings per share for the current fiscal year.
In other Marvell Technology news, EVP Loi Nguyen sold 1,512 shares of the business’s stock in a transaction on Thursday, June 2nd. The shares were sold at an average price of $60.00, for a total transaction of $90,720.00. Following the sale, the executive vice president now owns 207,727 shares of the company’s stock, valued at $12,463,620. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ford Tamer sold 48,051 shares of the business’s stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $71.61, for a total transaction of $3,440,932.11. Following the sale, the director now directly owns 331,083 shares in the company, valued at approximately $23,708,853.63. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 231,216 shares of company stock worth $14,891,753. Insiders own 0.45% of the company’s stock.
Several institutional investors have recently modified their holdings of the stock. BlackRock Inc. grew its stake in shares of Marvell Technology by 3.4% in the fourth quarter. BlackRock Inc. now owns 70,754,622 shares of the semiconductor company’s stock worth $6,190,323,000 after purchasing an additional 2,305,751 shares during the last quarter. Vanguard Group Inc. grew its stake in shares of Marvell Technology by 2.9% in the first quarter. Vanguard Group Inc. now owns 64,581,244 shares of the semiconductor company’s stock worth $4,631,120,000 after purchasing an additional 1,847,159 shares during the last quarter. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 15.7% in the third quarter. Wellington Management Group LLP now owns 45,843,799 shares of the semiconductor company’s stock worth $2,764,839,000 after purchasing an additional 6,222,814 shares during the last quarter. State Street Corp grew its stake in shares of Marvell Technology by 0.9% in the first quarter. State Street Corp now owns 18,632,316 shares of the semiconductor company’s stock worth $1,336,123,000 after purchasing an additional 174,753 shares during the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of Marvell Technology by 20.7% in the fourth quarter. Brown Advisory Inc. now owns 12,746,528 shares of the semiconductor company’s stock worth $1,115,193,000 after purchasing an additional 2,188,891 shares during the last quarter. 83.11% of the stock is currently owned by institutional investors.
Marvell Technology Company Profile (GetRated)
Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.
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