Marvell Technology (NASDAQ:MRVL) Shares Up 2% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price shot up 2% on Wednesday . The stock traded as high as $73.49 and last traded at $73.45. 3,370,946 shares changed hands during trading, a decline of 79% from the average session volume of 15,879,328 shares. The stock had previously closed at $71.99.

Analysts Set New Price Targets

Several analysts recently issued reports on MRVL shares. Redburn Atlantic initiated coverage on Marvell Technology in a report on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price target for the company. UBS Group reissued a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Cantor Fitzgerald lifted their price objective on shares of Marvell Technology from $60.00 to $75.00 and gave the company a "neutral" rating in a research note on Wednesday, June 18th. Rosenblatt Securities reissued a "buy" rating and set a $124.00 target price on shares of Marvell Technology in a research report on Wednesday, June 18th. Finally, Barclays decreased their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. 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 given a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Stock Up 0.2%

The business has a 50-day moving average price of $69.95 and a 200 day moving average price of $77.67. The stock has a market capitalization of $64.10 billion, a P/E ratio of -130.19, a P/E/G ratio of 0.80 and a beta of 1.81. 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 released its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The firm'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. On average, equities analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal 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 given 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 yield of 0.32%. Marvell Technology's dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Mark Casper sold 3,000 shares of the stock in a transaction that occurred on Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the transaction, the executive vice president owned 17,163 shares of the company's stock, valued at $1,241,743.05. This represents a 14.88% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following 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 worth $1,187,826 in the last 90 days. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after buying an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. raised its stake in Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. raised its stake in Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after acquiring an additional 423,892 shares in the last quarter. Invesco Ltd. raised its stake in Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC raised its stake in Marvell Technology by 6.9% during the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after acquiring an additional 857,087 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.