Marvell Technology (NASDAQ:MRVL) Trading 3.1% Higher - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 3.1% during trading on Monday . The stock traded as high as $71.22 and last traded at $70.45. 5,792,718 shares were traded during mid-day trading, a decline of 60% from the average session volume of 14,637,328 shares. The stock had previously closed at $68.35.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the stock. KeyCorp lowered their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. Piper Sandler reissued an "overweight" rating and issued a $85.00 price target (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. Susquehanna dropped their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating for the company in a research note on Tuesday, May 27th. Bank of America decreased their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, TD Cowen upped their price target on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a research report on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $94.73.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market capitalization of $58.95 billion, a price-to-earnings ratio of -40.14, a P/E/G ratio of 1.61 and a beta of 1.76. The firm has a 50-day simple moving average of $59.21 and a two-hundred day simple moving average of $85.66.

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 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 27.49% and a positive return on equity of 4.59%. The business's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.24 earnings per share. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology's payout ratio is -42.11%.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $412,980.00. Following the completion of the sale, the chief operating officer now directly owns 81,931 shares of the company's stock, valued at approximately $5,639,310.73. The trade was a 6.82% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the sale, the chief accounting officer now owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock worth $2,079,948 in the last quarter. 0.19% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Marvell Technology in the fourth quarter valued at $234,000. Hudock Inc. acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $265,000. Everhart Financial Group Inc. purchased a new stake in shares of Marvell Technology in the 4th quarter valued at about $437,000. Union Bancaire Privee UBP SA acquired a new stake in shares of Marvell Technology in the 4th quarter valued at about $16,699,000. Finally, CIBC Asset Management Inc grew its stake in Marvell Technology by 3.5% during the 4th quarter. CIBC Asset Management Inc now owns 197,102 shares of the semiconductor company's stock worth $21,770,000 after buying an additional 6,699 shares during the last quarter. 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.