In yesterday’s Wall Street session, Marvell Technology Inc (NASDAQ:MRVL) shares traded at $49.49, up 0.96% from the previous session.
As of this writing, 31 analysts cover Marvell Technology Inc (NASDAQ:MRVL). 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 $49.02, this indicates a potential upside of 42.08 percent. MRVL stock price is now -10.05% away from the 50-day moving average and -1.82% away from the 200-day moving average. The market capitalization of the company currently stands at $42.70B.
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There are 3 analysts who have given it a hold rating, whereas 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 $43.02 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 $6.66 million. Insiders disposed of 1,092,980 shares of company stock worth roughly $54.09 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 $422,283,000. TAIREN CAPITAL LTD invested $195,048,000 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 $100,772,000. APPALOOSA LP acquired a new stake in MRVL for approximately $86,608,000. FENGHE FUND MANAGEMENT PTE. LTD. purchased a new stake in MRVL valued at around $35,286,000 in the second quarter. In total, there are 1,268 active investors with 84.78% ownership of the company’s stock.
Tuesday morning saw Marvell Technology Inc (NASDAQ: MRVL) opened at $49.66. 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 $54.82 and a two-hundred day moving average price translates $50.48 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 0.49% percent yield. There was an ex-dividend date of 10/05/2023 for this dividend.
