Marvell Technology (NASDAQ:MRVL) Shares Up 5.8% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares were up 5.8% during mid-day trading on Thursday . The company traded as high as $80.59 and last traded at $80.31. Approximately 16,766,442 shares traded hands during mid-day trading, an increase of 10% from the average daily volume of 15,295,171 shares. The stock had previously closed at $75.93.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several research reports. Loop Capital cut their target price on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research note on Friday, May 30th. Redburn Atlantic initiated coverage on shares of Marvell Technology in a report on Wednesday, May 28th. They set a "neutral" rating and a $67.00 target price on the stock. Barclays cut their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Raymond James Financial reiterated an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a report on Friday, May 30th. 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. Six investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Price Performance

The stock has a fifty day moving average price of $63.87 and a 200-day moving average price of $83.46. The firm has a market capitalization of $66.65 billion, a PE ratio of -135.37, a P/E/G ratio of 0.82 and a beta of 1.76. 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 announced its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The business 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%. The company's revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the company earned $0.24 earnings per share. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.31%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insider Buying and Selling

In other news, 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 transaction, the chief financial officer now directly owns 124,348 shares in the company, valued at approximately $7,460,880. This represents a 1.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The stock was 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. In the last three months, insiders have sold 27,394 shares of company stock worth $1,656,076. Insiders own 0.19% of the company's stock.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Hughes Financial Services LLC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $26,000. Rialto Wealth Management LLC acquired a new position in Marvell Technology during the 4th quarter worth $27,000. Rossby Financial LCC purchased a new stake in Marvell Technology during the 1st quarter worth about $27,000. Financial Connections Group Inc. raised its position in Marvell Technology by 776.0% in the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 388 shares in the last quarter. Finally, Vision Financial Markets LLC purchased a new position in shares of Marvell Technology in the 1st quarter valued at about $28,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.