Marvell Technology (NASDAQ:MRVL) Trading 2.7% Higher

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 2.7% during trading on Thursday . The company traded as high as $74.82 and last traded at $73.09. Approximately 3,750,160 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 12,446,977 shares. The stock had previously closed at $71.18.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MRVL. Benchmark upped their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Oppenheimer reaffirmed an “outperform” rating and issued a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a research report on Friday, May 31st. Rosenblatt Securities boosted their target price on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Evercore ISI raised their price target on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a report on Friday, August 30th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Two equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Performance

The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock’s 50-day simple moving average is $68.14 and its 200-day simple moving average is $69.52. The stock has a market cap of $63.13 billion, a price-to-earnings ratio of -64.41, a price-to-earnings-growth ratio of 3.12 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 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the company earned $0.18 EPS. Analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.33%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling

In other news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction that occurred on Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares in the company, valued at approximately $26,044,472.88. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.29, for a total value of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares of the company’s stock, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. Insiders sold 160,000 shares of company stock valued at $11,878,785 over the last quarter. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the stock. Bruce G. Allen Investments LLC grew its position in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC bought a new stake in shares of Marvell Technology during the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the second quarter worth about $32,000. Quarry LP acquired a new position in shares of Marvell Technology in the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors bought a new position in Marvell Technology in the 1st quarter valued at approximately $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.