Marvell Technology (NASDAQ:MRVL) Shares Up 1.4% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 1.4% during mid-day trading on Friday . The stock traded as high as $73.89 and last traded at $73.58. Approximately 1,576,334 shares changed hands during trading, a decline of 87% from the average daily volume of 12,295,619 shares. The stock had previously closed at $72.54.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on the stock. The Goldman Sachs Group increased their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Piper Sandler reiterated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently 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 current ratio of 1.79 and a quick ratio of 1.26. The stock has a fifty day simple moving average of $69.90 and a two-hundred day simple moving average of $69.94. The firm has a market capitalization of $64.06 billion, a P/E ratio of -65.50, a P/E/G ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last released 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. The company had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.18 EPS. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Activity

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $369,400.00. Following the transaction, the executive vice president now owns 110,318 shares in the company, valued at approximately $8,150,293.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the transaction, the executive vice president now directly owns 110,318 shares of the company’s stock, valued at $8,150,293.84. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The stock was sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the transaction, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock worth $8,130,685 in the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock valued at $5,160,805,000 after purchasing an additional 468,086 shares during the last quarter. Janus Henderson Group PLC lifted its holdings in shares of Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares in the last quarter. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after buying an additional 2,254,610 shares during the last quarter. Van ECK Associates Corp grew its holdings in Marvell Technology by 17.6% during the second quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock worth $412,533,000 after buying an additional 884,380 shares in the last quarter. Finally, Clearbridge Investments LLC raised its position in Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock valued at $362,759,000 after buying an additional 150,109 shares during the last quarter. 83.51% of the stock is owned by 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.