Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.3% - What's Next?

Key Points

• Marvell Technology's stock rose 1.3% recently, trading at $78.86 with a significant drop in trading volume compared to its average.
• Analysts have set new price targets for Marvell, with a consensus rating of "Moderate Buy" and an average price target of $94.70, reflecting optimism about the company's future.
• The company reported earnings per share (EPS) of $0.62, exceeding expectations and showcasing a 63.3% increase in revenue compared to the same quarter last year.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares rose 1.3% during trading on Wednesday . The stock traded as high as $80.06 and last traded at $78.86. Approximately 4,290,856 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 18,524,500 shares. The stock had previously closed at $77.81.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Wall Street Zen upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating in a report on Saturday. Melius Research raised their target price on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a report on Wednesday, June 18th. Bank of America raised their price target on shares of Marvell Technology from $80.00 to $90.00 and gave the stock a "buy" rating in a report on Wednesday, June 18th. Finally, China Renaissance initiated coverage on shares of Marvell Technology in a report on Thursday, June 5th. They set a "buy" rating and a $110.00 price target for the company. One research analyst has rated the stock with a sell rating, seven have given a hold rating, twenty-three have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Stock Performance

The stock has a 50-day moving average of $73.61 and a 200-day moving average of $73.78. The firm has a market cap of $68.53 billion, a price-to-earnings ratio of -139.18, a price-to-earnings-growth ratio of 0.84 and a beta of 1.83. 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 earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) 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%. Marvell Technology's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter last year, the firm earned $0.24 EPS. As a group, analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, July 31st. Investors of record on Friday, July 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.3%. The ex-dividend date was Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In related news, CAO Panteha Dixon sold 1,283 shares of the company's stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.50, for a total transaction of $87,885.50. Following the completion of the sale, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. This represents a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total value of $390,600.00. Following the sale, the chief operating officer owned 92,065 shares of the company's stock, valued at approximately $5,993,431.50. This represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,148 shares of company stock valued at $1,014,236 in the last quarter. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the business. Capital Analysts LLC grew its stake in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company's stock worth $38,000 after purchasing an additional 241 shares during the period. Game Plan Financial Advisors LLC bought a new position in Marvell Technology in the second quarter worth approximately $27,000. Kiker Wealth Management LLC boosted its holdings in Marvell Technology by 374.7% in the second quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company's stock worth $28,000 after acquiring an additional 281 shares in the last quarter. Chelsea Counsel Co. bought a new position in Marvell Technology in the fourth quarter worth approximately $44,000. Finally, Bernard Wealth Management Corp. bought a new position in Marvell Technology in the fourth quarter worth approximately $45,000. Institutional investors and hedge funds own 83.51% of the company's stock.

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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