Marvell Technology (NASDAQ:MRVL) Earns Buy Rating from Analysts at China Renaissance

China Renaissance assumed coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued to investors on Thursday morning, MarketBeat reports. The brokerage issued a buy rating and a $110.00 target price on the semiconductor company’s stock.

Several other equities analysts have also recently commented on the stock. Benchmark reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, May 30th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Wells Fargo & Company cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Needham & Company LLC cut their target price on shares of Marvell Technology from $100.00 to $85.00 and set a “buy” rating for the company in a research note on Friday, May 30th. Finally, Bank of America cut their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research note on Wednesday, April 16th. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $94.73.

Marvell Technology Stock Up 4.9%

Shares of Marvell Technology stock opened at $68.35 on Thursday. The stock has a market capitalization of $59.04 billion, a P/E ratio of -40.21, a PEG ratio of 1.61 and a beta of 1.76. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a 50 day moving average price of $58.83 and a two-hundred day moving average price of $85.98. Marvell Technology has a 12-month low of $47.09 and a 12-month high of $127.48.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the business earned $0.24 earnings per share. The company’s revenue was up 63.3% on a year-over-year basis. Equities analysts expect that Marvell Technology will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.35%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s dividend payout ratio is -42.11%.

Insider Activity at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Mark Casper sold 626 shares of the firm’s stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the transaction, the executive vice president now owns 626 shares in the company, valued at approximately $38,248.60. This represents a 50.00% decrease in their position. 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. Insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently added to or reduced their stakes in MRVL. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $26,000. Hughes Financial Services LLC acquired a new position in Marvell Technology in the first quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $27,000. Rossby Financial LCC acquired a new position in Marvell Technology in the first quarter valued at about $27,000. Finally, Financial Connections Group Inc. lifted its stake 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 buying an additional 388 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.