Marvell Technology (NASDAQ:MRVL) Trading Up 3.5% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded up 3.5% on Wednesday . The stock traded as high as $63.65 and last traded at $64.56. 4,147,276 shares changed hands during trading, a decline of 71% from the average session volume of 14,456,353 shares. The stock had previously closed at $62.36.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on MRVL shares. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Needham & Company LLC reduced their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research report on Monday. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Evercore ISI lowered their target price on shares of Marvell Technology from $135.00 to $133.00 and set an "outperform" rating on the stock in a report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.73.

Marvell Technology Stock Performance

The stock has a market cap of $56.29 billion, a PE ratio of -38.33, a PEG ratio of 1.61 and a beta of 1.83. The stock has a fifty day simple moving average of $58.64 and a two-hundred day simple moving average of $86.32. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. The company had revenue of $1.90 billion during the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the prior year, the business posted $0.24 EPS. The business's revenue was up 63.3% on a year-over-year basis. Equities analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is -42.11%.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares of the company's stock, valued at $2,138,125. This trade represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 33,541 shares of company stock valued at $2,079,948 over the last 90 days. 0.19% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently modified their holdings of the company. Centricity Wealth Management LLC bought a new position in Marvell Technology in the 4th quarter valued at $26,000. Hughes Financial Services LLC acquired a new position in Marvell Technology in the first quarter valued at about $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology in the fourth quarter valued at about $27,000. Rossby Financial LCC acquired a new position in shares of Marvell Technology during the first quarter worth about $27,000. Finally, Financial Connections Group Inc. boosted its position in shares of Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after buying an additional 388 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

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.