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

Key Points

• Shares of Marvell Technology gapped up to $83.11 after Morgan Stanley raised their price target from $73.00 to $80.00, with the stock last trading at $83.65.
• Analysts maintain a mixed outlook, with an average rating of "Moderate Buy" and an average price target of $94.70, reflecting various adjustments and ratings from firms like Raymond James, Citigroup, and Barclays.
• The company announced a quarterly dividend of $0.06 per share, reflecting a dividend yield of 0.29%, with payments set to occur on July 31st.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) gapped up prior to trading on Wednesday after Morgan Stanley raised their price target on the stock from $73.00 to $80.00. The stock had previously closed at $76.34, but opened at $83.11. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology shares last traded at $83.65, with a volume of 16,649,314 shares trading hands.

A number of other research firms have also weighed in on MRVL. Raymond James Financial restated an "outperform" rating and issued a $90.00 target price (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. B. Riley reiterated a "buy" rating and set a $115.00 price target (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a report on Thursday, May 22nd. Loop Capital dropped their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating on the stock in a research report on Friday, May 30th. Finally, Citigroup reduced their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $94.70.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,286 shares of the company'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 sale, the chief accounting officer directly owned 32,094 shares of the company's stock, valued at approximately $2,086,110. This represents a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 17,934 shares of company stock valued at $1,187,826 over the last 90 days. Company insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently bought and sold shares of MRVL. Bank Pictet & Cie Europe AG lifted its position in Marvell Technology by 0.7% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock valued at $7,368,000 after purchasing an additional 460 shares during the last quarter. Brown Brothers Harriman & Co. boosted its holdings in Marvell Technology by 182.0% in the fourth quarter. Brown Brothers Harriman & Co. now owns 626 shares of the semiconductor company's stock valued at $69,000 after acquiring an additional 404 shares in the last quarter. RWA Wealth Partners LLC increased its position in Marvell Technology by 15.0% during the 4th quarter. RWA Wealth Partners LLC now owns 12,147 shares of the semiconductor company's stock valued at $1,342,000 after purchasing an additional 1,580 shares during the period. O Shaughnessy Asset Management LLC lifted its position in shares of Marvell Technology by 23.6% in the 4th quarter. O Shaughnessy Asset Management LLC now owns 36,778 shares of the semiconductor company's stock worth $4,062,000 after purchasing an additional 7,019 shares during the period. Finally, AIA Group Ltd bought a new stake in shares of Marvell Technology during the 4th quarter valued at about $640,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

The firm has a 50-day moving average price of $70.51 and a 200-day moving average price of $76.83. The stock has a market cap of $70.61 billion, a P/E ratio of -143.40, a price-to-earnings-growth ratio of 0.83 and a beta of 1.81. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued 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. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter in the prior year, the firm posted $0.24 earnings per share. The business's revenue was up 63.3% on a year-over-year basis. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be paid a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. Marvell Technology's dividend payout ratio (DPR) is currently -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.