Stocks of Marvell Technology Inc (NASDAQ:MRVL) traded higher last session on Wall Street, up 1.35% to $47.26.
According to the data, Marvell Technology Inc (NASDAQ:MRVL) has 31 analysts covering its stock. 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 $56.00, we find $69.65. Given the previous closing price of $46.63, this indicates a potential upside of 49.37 percent. MRVL stock price is now -13.08% away from the 50-day moving average and -6.56% away from the 200-day moving average. The market capitalization of the company currently stands at $40.78B.
A total of 3 analysts have issued a hold rating and 25 have given it a buy rating. Brokers who have rated the stock have averaged $70.08 as their price target over the next twelve months.
With the price target enhanced from $60 to $70, Susquehanna maintained Positive rating for Marvell Technology Inc (NASDAQ: MRVL).
In other news, MURPHY MATTHEW J, Chair of Board, President, CEO sold 30,000 shares of the company’s stock on Oct 16. The stock was sold for $1,600,800 at an average price of $53.36. Upon completion of the transaction, the Chair of Board, President, CEO now directly owns 869,287 shares in the company, valued at $41.08 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Oct 16, EVP, Chief Operations Officer Koopmans Chris sold 5,000 shares of the business’s stock. A total of $263,100 was realized by selling the stock at an average price of $52.62. This leaves the insider owning 134,492 shares of the company worth $6.36 million. Insiders disposed of 1,092,980 shares of company stock worth roughly $51.65 million over the past 1 year. A total of 0.90% 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 MATRIX CAPITAL MANAGEMENT COMPANY, LP during the first quarter worth $403,255,000. TAIREN CAPITAL LTD invested $186,259,000 in shares of MRVL during the first quarter. In the first quarter, HOLOCENE ADVISORS, LP acquired a new stake in Marvell Technology Inc valued at approximately $96,231,000. APPALOOSA LP acquired a new stake in MRVL for approximately $82,705,000. FENGHE FUND MANAGEMENT PTE. LTD. purchased a new stake in MRVL valued at around $33,696,000 in the second quarter. In total, there are 1,268 active investors with 84.90% ownership of the company’s stock.
Friday’s opening bell rang with an opening price of $47.21 for Marvell Technology Inc (NASDAQ: MRVL). During the past 12 months, Marvell Technology Inc has had a low of $33.75 and a high of $67.99. As of last week, the company has a debt-to-equity ratio of 0.30, a current ratio of 1.03, and a quick ratio of 0.65. The fifty day moving average price for MRVL is $54.17 and a two-hundred day moving average price translates $50.62 for the stock.
The latest earnings results from Marvell Technology Inc (NASDAQ: MRVL) was released for Jul, 2023. According to the Semiconductors Company, earnings per share came in at $0.33, beating analysts’ expectations of $0.32 by 0.01. This compares to $0.01 EPS in the same period last year. The net profit margin was -6.74% and return on equity was -2.45% for MRVL. The company reported revenue of $1.34 billion for the quarter, compared to $1.52 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue fell -11.6 percent. For the current quarter, analysts expect MRVL to generate $1.4B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 10/25/2023. Investors who held shares on 10/06/2023 were paid a $0.06 dividend. On an annualized basis, this represents a $0.24 dividend and a 0.51% percent yield. There was an ex-dividend date of 10/05/2023 for this dividend.
Marvell Technology Inc(MRVL) 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, scales complex System-on-a-Chip architectures, integrating analog, mixed-signal, and digital signal processing functionality. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; custom application specific integrated circuits; and System-on-a-Chip solutions. The company also provides electro-optical products, including pulse amplitude modulations, coherent digital signal processors, laser drivers, trans-impedance amplifiers, silicon photonics, and data center interconnect solutions; fibre channel products comprising host bus adapters and controllers; single or multiple core processors; storage controllers for hard disk drives and solid-state-drives; and host system interfaces, including serial attached SCSI, serial advanced technology attachment, peripheral component interconnect express, non-volatile memory express (NVMe), and NVMe over fabrics. It has operations in the United States, Argentina, China, India, Israel, Japan, Singapore, South Korea, Taiwan, and Vietnam. Marvell Technology, Inc. was incorporated in 1995 and is headquartered in Wilmington, Delaware.
