Wells Fargo & Company Raises Marvell Technology (NASDAQ:MRVL) Price Target to $50.00

Marvell Technology (NASDAQ:MRVL) had its price objective boosted by Wells Fargo & Company from $45.00 to $50.00 in a research note released on Tuesday morning, PriceTargets.com reports. The firm currently has an equal weight rating on the semiconductor company’s stock.

MRVL has been the topic of a number of other research reports. JPMorgan Chase & Co. assumed coverage on shares of Marvell Technology in a research report on Tuesday. They set an overweight rating on the stock. Summit Insights upgraded shares of Marvell Technology from a hold rating to a buy rating in a research report on Tuesday. Morgan Stanley raised their target price on shares of Marvell Technology from $44.00 to $49.00 and gave the stock an equal weight rating in a research report on Monday, March 1st. Piper Sandler raised their target price on shares of Marvell Technology from $55.00 to $60.00 and gave the stock an overweight rating in a research report on Tuesday. Finally, BMO Capital Markets upgraded shares of Marvell Technology from a market perform rating to an outperform rating and raised their target price for the stock from $45.00 to $50.00 in a research report on Monday, March 8th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Marvell Technology currently has a consensus rating of Buy and an average target price of $54.70.

MRVL stock opened at $51.80 on Tuesday. The firm has a 50 day simple moving average of $47.06. The firm has a market capitalization of $35.00 billion, a price-to-earnings ratio of -123.33, a PEG ratio of 2.32 and a beta of 1.10. Marvell Technology has a 12 month low of $32.53 and a 12 month high of $55.70. The company has a quick ratio of 1.25, a current ratio of 1.50 and a debt-to-equity ratio of 0.12.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Sunday, June 6th. The semiconductor company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.27 by $0.02. Marvell Technology had a negative net margin of 8.13% and a positive return on equity of 5.25%. During the same period last year, the firm earned $0.18 EPS. Sell-side analysts expect that Marvell Technology will post 1.02 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 28th. Stockholders of record on Friday, July 9th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.46%. The ex-dividend date is Thursday, July 8th. Marvell Technology’s dividend payout ratio is presently 41.38%.

In related news, CEO Matthew J. Murphy sold 20,000 shares of Marvell Technology stock in a transaction on Monday, May 17th. The shares were sold at an average price of $42.66, for a total transaction of $853,200.00. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Jean X. Hu sold 16,071 shares of Marvell Technology stock in a transaction on Thursday, April 15th. The stock was sold at an average price of $48.54, for a total transaction of $780,086.34. Following the sale, the chief financial officer now directly owns 73,182 shares in the company, valued at approximately $3,552,254.28. The disclosure for this sale can be found here. In the last three months, insiders sold 51,071 shares of company stock worth $2,357,411. Insiders own 0.33% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. KB Financial Partners LLC purchased a new stake in Marvell Technology during the 1st quarter worth $70,000. 180 Wealth Advisors LLC acquired a new position in Marvell Technology during the 1st quarter worth $324,000. Pendal Group Limited grew its holdings in Marvell Technology by 1.2% during the 1st quarter. Pendal Group Limited now owns 22,233 shares of the semiconductor company’s stock worth $1,089,000 after acquiring an additional 274 shares in the last quarter. Principal Financial Group Inc. grew its holdings in Marvell Technology by 312.5% during the 1st quarter. Principal Financial Group Inc. now owns 610,264 shares of the semiconductor company’s stock worth $29,891,000 after acquiring an additional 462,325 shares in the last quarter. Finally, Baker Tilly Wealth Management LLC acquired a new position in Marvell Technology during the 1st quarter worth $356,000. 89.31% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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; application specific integrated circuits; and printer SoC products and application processors.

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Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

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