Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.3%

Marvell Technology, Inc. (NASDAQ:MRVL) rose 0.3% during mid-day trading on Thursday . The stock traded as high as $75.34 and last traded at $75.12. Approximately 2,357,573 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 12,578,924 shares. The stock had previously closed at $74.89.

Analyst Ratings Changes

MRVL has been the subject of several research reports. KeyCorp lifted their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Barclays lifted their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Rosenblatt Securities lifted their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Finally, B. Riley lifted their target price on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research note on Friday, May 31st. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company’s 50-day moving average price is $68.21 and its 200 day moving average price is $69.73. The stock has a market capitalization of $66.00 billion, a PE ratio of -65.91, a PEG ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The business had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the previous year, the firm posted $0.18 EPS. The business’s revenue was down 5.1% on a year-over-year basis. On average, equities research analysts expect that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.32%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. The disclosure for this sale can be found here. Insiders have sold 65,500 shares of company stock valued at $4,872,620 in the last three months. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the company. Bruce G. Allen Investments LLC lifted its position in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology during the 1st quarter valued at about $31,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Quarry LP purchased a new position in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Finally, Optimum Investment Advisors purchased a new position in shares of Marvell Technology during the 1st quarter valued at about $35,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.