Marvell Technology (NASDAQ:MRVL) Shares Up 2% - What's Next?

Key Points

• Marvell Technology's stock saw a 2% increase, trading at $78.88 after reaching a high of $80.01, while the trading volume decreased significantly by 79% compared to its average.
• Analysts have mixed views, with Needham downgrading the stock to a "cautious" rating, while Bank of America increased its target price to $90.00, reflecting a range of ratings from sell to strong buy.
• Marvell recently declared a quarterly dividend of $0.06, resulting in an annualized yield of 0.3%, amidst a reported revenue growth of 63.3% year-over-year.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price shot up 2% during mid-day trading on Monday . The stock traded as high as $80.01 and last traded at $78.88. 3,818,500 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 18,586,176 shares. The stock had previously closed at $77.34.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on MRVL. Morgan Stanley reissued an "equal weight" rating on shares of Marvell Technology in a research report on Friday, August 8th. China Renaissance began coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They issued a "buy" rating and a $110.00 price objective for the company. Piper Sandler reissued an "overweight" rating and issued a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Wall Street Zen raised shares of Marvell Technology from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, UBS Group reaffirmed a "buy" rating on shares of Marvell Technology in a research report on Monday, June 2nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, twenty-three have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Trading Down 0.4%

The company's 50-day moving average price is $74.14 and its 200-day moving average price is $73.68. The firm has a market cap of $68.28 billion, a price-to-earnings ratio of -138.67, a price-to-earnings-growth ratio of 0.86 and a beta of 1.83. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

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 the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The business had revenue of $1.90 billion for the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the business earned $0.24 earnings per share. The company's revenue for the quarter was up 63.3% compared to the same quarter last year. Equities analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Transactions at Marvell Technology

In other news, CAO Panteha Dixon sold 1,283 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.50, for a total value of $87,885.50. Following the transaction, the chief accounting officer directly owned 29,572 shares of the company's stock, valued at approximately $2,025,682. This trade represents a 4.16% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the transaction, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 6,409 shares of company stock valued at $445,964. Corporate insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Capital Analysts LLC raised 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 purchased a new position in Marvell Technology during the second quarter worth about $27,000. Kiker Wealth Management LLC raised its stake in Marvell Technology by 374.7% during the second quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 281 shares during the period. Chelsea Counsel Co. purchased a new position in Marvell Technology during the fourth quarter worth about $44,000. Finally, Bernard Wealth Management Corp. purchased a new position in Marvell Technology during the fourth quarter worth about $45,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.