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

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped up prior to trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $75.00. The stock had previously closed at $69.99, but opened at $74.53. Cantor Fitzgerald currently has a neutral rating on the stock. Marvell Technology shares last traded at $76.55, with a volume of 16,697,112 shares changing hands.

Several other brokerages have also recently weighed in on MRVL. Melius Research boosted their price objective on Marvell Technology from $67.00 to $76.00 and gave the stock a “hold” rating in a report on Wednesday. Citigroup dropped their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating for the company in a report on Friday, April 11th. Redburn Atlantic assumed coverage on Marvell Technology in a report on Wednesday, May 28th. They set a “neutral” rating and a $67.00 price objective for the company. Raymond James Financial reissued an “outperform” rating and set a $90.00 price objective (down from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $85.00 price objective on shares of Marvell Technology in a report on Wednesday. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $96.33.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,286 shares of the business’s stock in a transaction that occurred on Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the completion of the transaction, the chief accounting officer now directly owns 32,094 shares in the company, valued at approximately $2,086,110. The trade was a 3.85% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the transaction, the chief operating officer now owns 92,065 shares of the company’s stock, valued at $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 27,394 shares of company stock worth $1,656,076. 0.19% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Point72 Asia Singapore Pte. Ltd. acquired a new position in Marvell Technology during the fourth quarter worth $234,000. Union Bancaire Privee UBP SA acquired a new position in Marvell Technology during the fourth quarter worth $16,699,000. KLP Kapitalforvaltning AS acquired a new position in Marvell Technology during the fourth quarter worth $45,211,000. Greykasell Wealth Strategies Inc. acquired a new position in Marvell Technology during the fourth quarter worth $818,000. Finally, Private Advisor Group LLC boosted its holdings in Marvell Technology by 7.9% during the fourth quarter. Private Advisor Group LLC now owns 49,719 shares of the semiconductor company’s stock worth $5,491,000 after purchasing an additional 3,646 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

The company’s fifty day moving average is $61.17 and its 200 day moving average is $84.80. The firm has a market cap of $64.74 billion, a price-to-earnings ratio of -131.49, a PEG ratio of 0.76 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. During the same quarter in the prior year, the company posted $0.24 earnings per share. The firm’s revenue was up 63.3% on a year-over-year basis. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio is currently -42.11%.

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.