Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.7%

Marvell Technology, Inc. (NASDAQ:MRVL) shares shot up 2.7% during trading on Wednesday . The company traded as high as $72.41 and last traded at $72.24. 2,737,633 shares traded hands during trading, a decline of 78% from the average session volume of 12,419,117 shares. The stock had previously closed at $70.31.

Analyst Ratings Changes

Several research firms have commented on MRVL. Stifel Nicolaus restated 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. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Wednesday, September 18th. The Goldman Sachs Group boosted their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. KeyCorp raised their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, Bank of America boosted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Up 2.8 %

The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The company has a market cap of $62.56 billion, a price-to-earnings ratio of -63.93, a PEG ratio of 3.12 and a beta of 1.46. The business has a 50-day simple moving average of $68.40 and a two-hundred day simple moving average of $69.58.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (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 firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The company’s revenue was down 5.1% on a year-over-year basis. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. 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 is -21.24%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the transaction, the chief financial officer now owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 6,000 shares of the business’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now owns 208,915 shares in the company, valued at approximately $15,311,380.35. The disclosure for this sale can be found here. Insiders sold 157,500 shares of company stock worth $11,703,610 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC increased its stake in shares of 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 buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC bought a new position in shares of Marvell Technology in the first quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the second quarter worth approximately $32,000. Quarry LP bought a new stake in shares of Marvell Technology during the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors bought a new position in Marvell Technology in the 1st quarter worth approximately $35,000. 83.51% of the stock is 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.