Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.5%

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 0.5% during trading on Tuesday . The company traded as high as $74.23 and last traded at $73.77. Approximately 1,686,694 shares changed hands during trading, a decline of 87% from the average daily volume of 12,514,788 shares. The stock had previously closed at $73.40.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MRVL. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America upped their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, Evercore ISI lifted their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Down 1.6 %

The business has a 50-day moving average price of $68.23 and a 200-day moving average price of $69.80. The stock has a market cap of $62.51 billion, a PE ratio of -64.85, a price-to-earnings-growth ratio of 3.29 and a beta of 1.46. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

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, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the business posted $0.18 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. As a group, analysts forecast that Marvell Technology, Inc. will post 0.77 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Activity

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction on 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 owns 838,571 shares in the company, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, Director Daniel Durn bought 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The stock was bought at an average price of $70.21 per share, with a total value of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the completion of the transaction, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. Insiders have sold a total of 152,500 shares of company stock worth $11,328,240 over the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Tlwm increased its position in shares of Marvell Technology by 1.6% during the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after acquiring an additional 136 shares during the last quarter. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the period. Trueblood Wealth Management LLC lifted its stake in Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after purchasing an additional 152 shares in the last quarter. Edmond DE Rothschild Holding S.A. boosted its position in shares of Marvell Technology by 0.5% during the fourth quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock worth $1,855,000 after buying an additional 162 shares during the period. Finally, Sheaff Brock Investment Advisors LLC grew its stake in shares of Marvell Technology by 0.4% in the first quarter. Sheaff Brock Investment Advisors LLC now owns 44,342 shares of the semiconductor company’s stock valued at $3,143,000 after buying an additional 168 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

About Marvell Technology

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.