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

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) gapped up before the market opened 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 trading hands.

MRVL has been the subject of several other research reports. Wells Fargo & Company dropped their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research note on Friday, May 30th. China Renaissance started coverage on Marvell Technology in a report on Thursday, June 5th. They issued a "buy" rating and a $110.00 target price on the stock. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Morgan Stanley lifted their target price on Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research report on Friday, May 30th. Finally, Deutsche Bank Aktiengesellschaft dropped their price target on Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the transaction, the chief operating officer now owns 92,065 shares in the company, valued at $5,993,431.50. This represents a 6.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction dated Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,394 shares of company stock worth $1,656,076. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Inspire Investing LLC raised its stake in Marvell Technology by 114.1% during the 1st quarter. Inspire Investing LLC now owns 5,016 shares of the semiconductor company's stock valued at $309,000 after purchasing an additional 2,673 shares during the last quarter. Vista Cima Wealth Management LLC acquired a new position in Marvell Technology in the first quarter valued at about $345,000. Silicon Valley Capital Partners increased its holdings in Marvell Technology by 1.7% during the 1st quarter. Silicon Valley Capital Partners now owns 33,571 shares of the semiconductor company's stock valued at $2,083,000 after purchasing an additional 569 shares in the last quarter. Strs Ohio acquired a new stake in shares of Marvell Technology in the first quarter valued at $16,366,000. Finally, Addison Capital Co raised its stake in shares of Marvell Technology by 29.5% in the first quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company's stock worth $340,000 after acquiring an additional 1,257 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

The firm has a fifty day simple moving average of $60.89 and a 200-day simple moving average of $84.87. The stock has a market cap of $64.47 billion, a price-to-earnings ratio of -131.19, a P/E/G ratio of 0.77 and a beta of 1.76. 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:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion during 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%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same period in the previous year, the company earned $0.24 EPS. Analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology's payout ratio is -42.11%.

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.

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