Marvell Technology (NASDAQ:MRVL) Trading 1.2% Higher - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) was up 1.2% during mid-day trading on Friday . The stock traded as high as $75.34 and last traded at $75.15. Approximately 10,217,992 shares traded hands during trading, a decline of 35% from the average daily volume of 15,647,810 shares. The stock had previously closed at $74.25.

Analyst Upgrades and Downgrades

Several research analysts have commented on MRVL shares. Bank of America boosted their price objective on shares of Marvell Technology from $80.00 to $90.00 and gave the company a "buy" rating in a research report on Wednesday, June 18th. Evercore ISI lowered their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. UBS Group restated a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. Wells Fargo & Company decreased their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Friday, May 30th. Finally, Wall Street Zen raised Marvell Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Six research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Trading Up 1.2%

The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The company has a market cap of $64.92 billion, a price-to-earnings ratio of -131.84, a PEG ratio of 0.80 and a beta of 1.81. The firm has a 50 day moving average price of $66.22 and a two-hundred day moving average price of $82.14.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its earnings results 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 during the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.24 EPS. As a group, equities analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

Insiders Place Their Bets

In related news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares of the company's stock, valued at $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the transaction, the chief accounting officer directly owned 29,572 shares in the company, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,394 shares of company stock worth $1,656,076 in the last quarter. 0.19% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Marvell Technology during the 4th quarter worth about $234,000. Dynamic Advisor Solutions LLC increased its position in Marvell Technology by 5.0% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 4,313 shares of the semiconductor company's stock valued at $266,000 after buying an additional 206 shares in the last quarter. KLP Kapitalforvaltning AS bought a new position in Marvell Technology in the fourth quarter worth approximately $45,211,000. Yousif Capital Management LLC boosted its holdings in Marvell Technology by 8.4% in the first quarter. Yousif Capital Management LLC now owns 15,057 shares of the semiconductor company's stock worth $927,000 after acquiring an additional 1,164 shares in the last quarter. Finally, Greykasell Wealth Strategies Inc. bought a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $818,000. 83.51% of the stock is owned by 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.

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