Marvell Technology (NASDAQ:MRVL) Downgraded by Zacks Research to "Strong Sell"
Zacks Research downgraded Marvell Technology (NASDAQ:MRVL) from a "hold" to a "strong sell" rating. Other analysts have also adjusted their price targets, with KeyCorp lowering it from $115 to $90, while Evercore ISI set it at $133. Marvell's stock opened at $74.79, with a market cap of $64.61 billion and a PE ratio of -131.21. The company reported $0.62 earnings per share, exceeding estimates, and revenue of $1.90 billion, up 63.3% year-over-year. Insider sales were noted, with significant transactions by the CAO and CFO.
Marvell Technology (NASDAQ:MRVL - Get Free Report) was downgraded by equities research analysts at Zacks Research from a "hold" rating to a "strong sell" rating in a note issued to investors on Tuesday,Zacks.com reports.
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Other analysts have also recently issued reports about the stock. KeyCorp reduced their price objective on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. Evercore ISI reduced their price objective on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a research note on Friday, May 30th. Susquehanna reduced their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Rosenblatt Securities reaffirmed a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. One equities research analyst has rated the stock with a Strong Buy rating, twenty-two have issued a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $94.70.
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Marvell Technology Price Performance
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NASDAQ MRVL opened at $74.79 on Tuesday. The company has a 50 day moving average price of $74.86 and a two-hundred day moving average price of $71.32. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. Marvell Technology has a 12-month low of $47.08 and a 12-month high of $127.48. The stock has a market capitalization of $64.61 billion, a PE ratio of -131.21, a price-to-earnings-growth ratio of 0.81 and a beta of 1.83.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the previous year, the company earned $0.24 earnings per share. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. As a group, equities analysts predict that Marvell Technology will post 0.91 earnings per share for the current fiscal year.
Insider Transactions at Marvell Technology
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In other news, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the sale, the chief accounting officer owned 29,572 shares of the company's stock, valued at approximately $2,025,682. This represents a 4.16% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 5,783 shares of company stock valued at $407,716. 0.19% of the stock is owned by insiders.
Institutional Inflows and Outflows
Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Norges Bank acquired a new position in Marvell Technology during the 2nd quarter valued at about $716,713,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main lifted its position in Marvell Technology by 4,758.5% during the 2nd quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,036,216 shares of the semiconductor company's stock valued at $544,603,000 after purchasing an additional 6,891,393 shares during the period. Nuveen Asset Management LLC lifted its position in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Nuveen LLC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $399,587,000. Finally, Goldman Sachs Group Inc. raised its position in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.
About Marvell Technology
(Get Free Report)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.
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