Marvell Technology (NASDAQ:MRVL) Cut to “Neutral” at Cantor Fitzgerald

Cantor Fitzgerald cut shares of Marvell Technology (NASDAQ:MRVL) from an overweight rating to a neutral rating in a research note published on Wednesday, Marketbeat Ratings reports. The brokerage currently has $60.00 price objective on the semiconductor company’s stock, down from their prior price objective of $125.00.

A number of other analysts have also issued reports on the company. TD Cowen lowered their target price on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Bank of America dropped their price objective on shares of Marvell Technology from $120.00 to $72.00 and set a “buy” rating on the stock in a report on Wednesday, April 16th. Finally, The Goldman Sachs Group increased their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Four investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $110.30.

Marvell Technology Stock Up 3.5 %

Marvell Technology stock opened at $59.65 on Wednesday. The firm has a market cap of $51.53 billion, a price-to-earnings ratio of -35.09, a P/E/G ratio of 1.61 and a beta of 1.83. The firm has a fifty day moving average price of $61.19 and a two-hundred day moving average price of $89.29. Marvell Technology has a fifty-two week low of $47.09 and a fifty-two week high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.40%. Marvell Technology’s payout ratio is -23.53%.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 12,460 shares of the firm’s stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Brad W. Buss acquired 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the transaction, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold a total of 28,890 shares of company stock valued at $2,027,938 over the last quarter. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently modified their holdings of the business. ORG Partners LLC raised its position in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC bought a new stake in Marvell Technology in the fourth quarter valued at about $26,000. Hughes Financial Services LLC acquired a new position in shares of Marvell Technology during the 1st quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $27,000. Finally, Rossby Financial LCC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $27,000. 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.