Marvell Technology (NASDAQ:MRVL) Price Target Raised to $70.00 at Bank of America

Posted by Defense World Staff on May 27th, 2023

Marvell Technology (NASDAQ:MRVL – Get Rating) had its price objective raised by Bank of America from $51.00 to $70.00 in a research note published on Friday morning, The Fly reports.

A number of other equities analysts also recently weighed in on the stock. Citigroup dropped their price target on shares of Marvell Technology from $65.00 to $58.00 in a research note on Friday, March 3rd. Raymond James started coverage on shares of Marvell Technology in a research report on Wednesday, March 1st. They set an outperform rating and a $54.00 target price on the stock. JPMorgan Chase & Co. lowered their target price on shares of Marvell Technology from $72.00 to $60.00 and set an overweight rating on the stock in a research report on Friday, March 3rd. KeyCorp increased their target price on shares of Marvell Technology from $60.00 to $70.00 in a research report on Friday. Finally, The Goldman Sachs Group lowered their target price on shares of Marvell Technology from $54.00 to $46.00 and set a buy rating on the stock in a research report on Friday, March 3rd. Three analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus target price of $62.85.

Marvell Technology Price Performance

Shares of MRVL stock opened at $65.51 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.37 and a quick ratio of 0.93. Marvell Technology has a 12-month low of $33.75 and a 12-month high of $65.75. The business has a 50 day simple moving average of $41.68 and a 200 day simple moving average of $41.70.

Marvell Technology (NASDAQ:MRVL – Get Rating) last announced its quarterly earnings data on Thursday, May 25th. The semiconductor company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of $0.29 by $0.02. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.30 billion. Marvell Technology had a positive return on equity of 7.37% and a negative net margin of 2.88%. The company’s quarterly revenue was down 8.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.37 EPS. Sell-side analysts anticipate that Marvell Technology will post 0.85 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 26th. Stockholders of record on Friday, April 7th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Wednesday, April 5th. Marvell Technology’s dividend payout ratio (DPR) is currently -126.32%.

Insider Activity

In other news, EVP Dean E. Jr. Jarnac sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, May 26th. The shares were sold at an average price of $60.05, for a total value of $720,600.00. Following the sale, the executive vice president now owns 879 shares of the company’s stock, valued at $52,783.95. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other news, EVP Dean E. Jr. Jarnac sold 12,000 shares of the stock in a transaction on Friday, May 26th. The shares were sold at an average price of $60.05, for a total value of $720,600.00. Following the transaction, the executive vice president now owns 879 shares of the company’s stock, valued at approximately $52,783.95. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Dean E. Jr. Jarnac sold 6,000 shares of the company’s stock in a transaction on Thursday, May 18th. The shares were sold at an average price of $45.00, for a total transaction of $270,000.00. Following the completion of the sale, the executive vice president now directly owns 12,879 shares of the company’s stock, valued at approximately $579,555. The disclosure for this sale can be found here. Insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the company. FMR LLC boosted its position in Marvell Technology by 0.4% during the 1st quarter. FMR LLC now owns 128,532,727 shares of the semiconductor company’s stock valued at $5,565,467,000 after buying an additional 555,578 shares during the period. Vanguard Group Inc. raised its holdings in Marvell Technology by 0.9% in the 3rd quarter. Vanguard Group Inc. now owns 66,690,673 shares of the semiconductor company’s stock worth $2,861,697,000 after purchasing an additional 598,783 shares in the last quarter. Moneta Group Investment Advisors LLC raised its holdings in Marvell Technology by 118,898.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after purchasing an additional 62,400,056 shares in the last quarter. Price T Rowe Associates Inc. MD raised its holdings in Marvell Technology by 123.6% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 42,009,812 shares of the semiconductor company’s stock worth $1,819,025,000 after purchasing an additional 23,220,407 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its holdings in Marvell Technology by 6.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock worth $936,082,000 after purchasing an additional 1,603,857 shares in the last quarter. Hedge funds and other institutional investors own 81.28% of the company’s stock.

About Marvell Technology

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Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage, and custom solutions. The firm designs, develops, and sells integrated circuits. The company was founded by Wei Li Dai, Pantas Sutardja, and Sehat Sutardja in 1995 and is headquartered in Wilmington, DE.