Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link.
Marvell Technology Stock Performance
NASDAQ:MRVL traded up $1.73 during trading hours on Wednesday, reaching $72.04. The company had a trading volume of 10,872,022 shares, compared to its average volume of 12,464,416. The firm’s 50 day moving average price is $68.43 and its 200-day moving average price is $69.60. The firm has a market cap of $62.36 billion, a price-to-earnings ratio of -64.19, a PEG ratio of 3.12 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, Inc. has a 52 week low of $46.07 and a 52 week high of $85.76.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting analysts’ consensus estimates of $0.30. The company had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. On average, analysts forecast that Marvell Technology, Inc. will post 0.78 EPS for the current year.
Marvell Technology Announces Dividend
Institutional Inflows and Outflows
Institutional investors and hedge funds have recently modified their holdings of the business. Lazard Asset Management LLC grew its holdings in Marvell Technology by 47,934.4% during the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Aspex Management HK Ltd raised its position in shares of Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the period. Whale Rock Capital Management LLC purchased a new position in shares of Marvell Technology during the 1st quarter valued at $181,559,000. Ameriprise Financial Inc. lifted its stake in shares of Marvell Technology by 24.1% during the 2nd 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 in the last quarter. Finally, Swedbank AB boosted its holdings in Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently weighed in on the stock. The Goldman Sachs Group lifted their target price 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. Rosenblatt Securities lifted their price objective on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and issued a $95.00 target price (up previously from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and set a $85.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Barclays lifted their price target on shares of Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report 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 stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.
View Our Latest Analysis on Marvell Technology
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.
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