Marvell Technology (NASDAQ:MRVL) Trading Up 1.9% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 1.9% during mid-day trading on Friday . The stock traded as high as $73.75 and last traded at $73.59. Approximately 1,764,860 shares were traded during trading, a decline of 86% from the average daily volume of 12,387,664 shares. The stock had previously closed at $72.24.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on MRVL shares. Benchmark lifted their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Morgan Stanley boosted their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. 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. Piper Sandler restated an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Up 2.3 %

The stock’s 50 day moving average is $68.75 and its two-hundred day moving average is $69.64. The company has a market capitalization of $63.99 billion, a PE ratio of -65.12, a price-to-earnings-growth ratio of 3.12 and a beta of 1.46. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.18 earnings per share. As a group, sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction dated Monday, July 8th. The shares were sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares in the company, valued at $62,892,825. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $369,400.00. Following the sale, the executive vice president now directly owns 110,318 shares of the company’s stock, valued at approximately $8,150,293.84. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the sale, the insider now directly owns 838,571 shares in the company, valued at $62,892,825. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 160,000 shares of company stock worth $11,880,685 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% in the 1st 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 shares of Marvell Technology during the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the 2nd quarter worth $32,000. Quarry LP purchased a new stake in Marvell Technology in the 2nd quarter worth $32,000. Finally, Optimum Investment Advisors acquired a new position in Marvell Technology during the first quarter worth $35,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.