Marvell Technology (NASDAQ:MRVL) Trading Up 4.4%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded up 4.4% during trading on Thursday . The stock traded as high as $74.87 and last traded at $74.73. 1,899,575 shares changed hands during trading, a decline of 85% from the average session volume of 12,460,532 shares. The stock had previously closed at $71.55.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on MRVL. Bank of America raised their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. KeyCorp boosted their target price on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a report on Tuesday, July 9th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Wednesday. Finally, B. Riley lifted their price target on Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Price 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 firm has a market capitalization of $65.23 billion, a P/E ratio of -66.71, a P/E/G ratio of 3.29 and a beta of 1.46. The stock’s fifty day simple moving average is $68.14 and its 200 day simple moving average is $69.78.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the previous year, the firm posted $0.18 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.77 EPS 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 given a $0.06 dividend. The ex-dividend date of this dividend 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 currently -21.24%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Daniel Durn bought 1,425 shares of the stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average cost of $70.21 per share, with a total value of $100,049.25. Following the purchase, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, 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 sold a total of 160,000 shares of company stock valued at $11,878,785 in the last three months. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of MRVL. Bruce G. Allen Investments LLC lifted its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in Marvell Technology during the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology during the second quarter worth about $32,000. Quarry LP purchased a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology during the 1st quarter worth approximately $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.