Marvell Technology (NASDAQ:MRVL) Shares Gap Up on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price gapped up prior to trading on Friday after Rosenblatt Securities raised their price target on the stock from $100.00 to $120.00. The stock had previously closed at $69.84, but opened at $78.30. Rosenblatt Securities currently has a buy rating on the stock. Marvell Technology shares last traded at $75.28, with a volume of 6,235,339 shares traded.

MRVL has been the topic of a number of other reports. Barclays upped their price objective on Marvell Technology from $80.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday. StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Roth Mkm restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday. Evercore ISI upped their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday. Finally, Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $73.42, for a total value of $367,100.00. Following the completion of the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Durn acquired 1,425 shares of the stock in a transaction dated Monday, June 24th. The stock was acquired at an average cost of $70.21 per share, with a total value of $100,049.25. Following the transaction, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently made changes to their positions in the business. Diversified Trust Co purchased a new position in Marvell Technology in the 2nd quarter worth $932,000. Orion Portfolio Solutions LLC raised its stake in Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after acquiring an additional 10,306 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its stake in Marvell Technology by 157.3% in the 4th quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after acquiring an additional 472 shares during the last quarter. Hoylecohen LLC purchased a new position in Marvell Technology in the 4th quarter worth $658,000. Finally, Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in Marvell Technology by 20.2% in the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after acquiring an additional 88,918 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

The company has a market cap of $65.99 billion, a PE ratio of -67.47, a price-to-earnings-growth ratio of 2.99 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80. The stock has a 50 day moving average of $67.95 and a 200-day moving average of $69.46.

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 analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter last year, the business posted $0.18 EPS. Equities analysts predict that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a dividend of $0.06 per share. The ex-dividend date was Friday, July 12th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology’s payout ratio is currently -21.24%.

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.