Marvell Technology (NASDAQ:MRVL) Shares Up 7.3% on Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) traded up 7.3% during mid-day trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $75.00. Cantor Fitzgerald currently has a neutral rating on the stock. Marvell Technology traded as high as $77.65 and last traded at $75.07. 26,740,935 shares traded hands during mid-day trading, an increase of 79% from the average session volume of 14,902,690 shares. The stock had previously closed at $69.99.

Several other research analysts have also recently commented on MRVL. Bank of America boosted their target price on Marvell Technology from $80.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday. China Renaissance initiated coverage on Marvell Technology in a research note on Thursday, June 5th. They set a “buy” rating and a $110.00 target price for the company. Raymond James Financial reissued an “outperform” rating and set a $90.00 target price (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Finally, Wells Fargo & Company lowered their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Read Our Latest Analysis on MRVL

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company’s stock in a transaction that occurred on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at approximately $7,460,880. This represents a 1.19% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last three months. 0.19% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth approximately $26,000. Hughes Financial Services LLC purchased a new position in shares of Marvell Technology during the 1st quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter worth approximately $27,000. Rossby Financial LCC purchased a new position in shares of Marvell Technology during the 1st quarter worth approximately $27,000. Finally, Financial Connections Group Inc. raised its stake in shares of Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company’s stock worth $27,000 after buying an additional 388 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 7.1%

The firm has a market capitalization of $64.74 billion, a PE ratio of -131.49, a P/E/G ratio of 0.76 and a beta of 1.76. The business has a 50 day moving average price of $61.17 and a 200-day moving average price of $84.80. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVLGet Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. Marvell Technology’s revenue was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.24 earnings per share. Analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

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

Marvell Technology Company Profile

(Get Free Report)

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.

Featured Articles

Receive News & Ratings for Marvell Technology Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Marvell Technology and related companies with MarketBeat.com's FREE daily email newsletter.