Benchmark Reiterates Buy Rating for Marvell Technology (NASDAQ:MRVL)

Benchmark reaffirmed their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report sent to investors on Thursday,Benzinga reports. They currently have a $135.00 price target on the semiconductor company’s stock.

A number of other equities research analysts also recently issued reports on MRVL. Morgan Stanley restated an “equal weight” rating on shares of Marvell Technology in a research report on Friday, February 14th. TD Cowen decreased their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday. Stifel Nicolaus upped their price objective on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday. Finally, Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $121.68.

Marvell Technology Price Performance

NASDAQ:MRVL opened at $70.84 on Thursday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company has a market capitalization of $61.30 billion, a P/E ratio of -41.67, a P/E/G ratio of 1.61 and a beta of 1.42. Marvell Technology has a 12 month low of $53.19 and a 12 month high of $127.48. The business’s 50-day moving average is $108.27 and its 200 day moving average is $93.84.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 36,255 shares of company stock valued at $4,330,980. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Norges Bank purchased a new position in Marvell Technology in the 4th quarter worth $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the 4th quarter worth $802,410,000. Nuveen Asset Management LLC raised its stake in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP raised its stake in Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the last quarter. Finally, Invesco Ltd. raised its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.