In yesterday’s Wall Street session, Marvell Technology Inc. (NASDAQ:MRVL) shares traded at $43.59, up 4.61% from the previous session.
30 analysts cover Marvell Technology Inc. (NASDAQ:MRVL), according to research data. The consensus rating among analysts is ‘Buy’. As we calculate the median target price by taking the range between a high of $100.00 and a low of $45.00, we find $54.00. Given the previous closing price of $41.67, this indicates a potential upside of 29.59 percent. MRVL stock price is now 8.16% away from the 50-day moving average and 1.22% away from the 200-day moving average. The market capitalization of the company currently stands at $37.09B.
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The stock has received a hold rating from 3 analysts and a buy rating from 25. Brokers who have rated the stock have averaged $56.30 as their price target over the next twelve months.
On December 02, 2022, Needham reiterated its ‘Buy’ rating on the stock by increasing its target price from $64 to quote $50, while ‘Cowen’ rates the stock as ‘Outperform’.
In other news, Christman Dan, EVP, Storage Products Group sold 6,778 shares of the company’s stock on Feb 09. The stock was sold for $312,127 at an average price of $46.05. Upon completion of the transaction, the EVP, Storage Products Group now directly owns 85,425 shares in the company, valued at $3.72 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Feb 02, Director Tamer Ford sold 100,000 shares of the business’s stock. A total of $4,800,000 was realized by selling the stock at an average price of $48.00. This leaves the insider owning 216,083 shares of the company worth $9.42 million. Insiders disposed of 850,472 shares of company stock worth roughly $37.07 million over the past 1 year. A total of 0.20% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in MRVL stock. A new stake in Marvell Technology Inc. shares was purchased by OFI INVEST ASSET MANAGEMENT during the first quarter worth $1,360,413,000. ATALAN CAPITAL PARTNERS, LP invested $138,398,000 in shares of MRVL during the first quarter. In the first quarter, RENAISSANCE TECHNOLOGIES LLC acquired a new stake in Marvell Technology Inc. valued at approximately $108,501,000. ASPEX MANAGEMENT (HK) LTD acquired a new stake in MRVL for approximately $71,330,000. FENGHE FUND MANAGEMENT PTE. LTD. purchased a new stake in MRVL valued at around $46,624,000 in the second quarter. In total, there are 1,232 active investors with 86.10% ownership of the company’s stock.
On Wednesday morning Marvell Technology Inc. (NASDAQ: MRVL) stock kicked off with the opening price of $42.30. During the past 12 months, Marvell Technology Inc. has had a low of $33.75 and a high of $61.50. As of last week, the company has a debt-to-equity ratio of 0.29, a current ratio of 1.40, and a quick ratio of 0.90. The fifty day moving average price for MRVL is $40.35 and a two-hundred day moving average price translates $43.01 for the stock.
The latest earnings results from Marvell Technology Inc. (NASDAQ: MRVL) was released for Jan, 2023. According to the Semiconductors Company, earnings per share came in at $0.46, missing analysts’ expectations of $0.47 by -0.01. This compares to $0.01 EPS in the same period last year. The net profit margin was -2.80% and return on equity was -1.10% for MRVL. The company reported revenue of $1.42 billion for the quarter, compared to $1.34 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 5.62 percent. For the current quarter, analysts expect MRVL to generate $1.3B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 04/26/2023. Investors who held shares on 04/07/2023 were paid a $0.06 dividend. On an annualized basis, this represents a $0.24 dividend and a 0.55% percent yield. There was an ex-dividend date of 04/05/2023 for this dividend.
