Marvell Technology (NASDAQ:MRVL) Trading 2.2% Higher - Time to Buy?

Key Points

• Marvell Technology's stock increased by 2.2%, reaching a peak of $76.90 during trading, despite a significant decline in trading volume compared to the average.
• Recent analyst ratings indicate a mixed outlook, with a consensus price target of $94.70 and ratings ranging from "Strong Buy" to "Sell" issued by various research firms.
• The company recently reported earnings of $0.62 per share, exceeding estimates, and demonstrated a remarkable 63.3% revenue growth year-over-year.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price shot up 2.2% during mid-day trading on Thursday . The stock traded as high as $76.90 and last traded at $76.40. 5,981,343 shares were traded during mid-day trading, a decline of 67% from the average session volume of 18,143,723 shares. The stock had previously closed at $74.79.

Analysts Set New Price Targets

Several research firms have recently commented on MRVL. KeyCorp reduced their price target on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Morgan Stanley restated an "equal weight" rating on shares of Marvell Technology in a research report on Friday, August 8th. Rosenblatt Securities reiterated a "buy" rating and issued a $124.00 price target on shares of Marvell Technology in a research note on Wednesday, June 18th. TD Cowen raised their price target on Marvell Technology from $60.00 to $70.00 and gave the company a "buy" rating in a report on Friday, May 30th. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. One research analyst has rated the stock with a Strong Buy rating, twenty-two have given a Buy rating, seven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Marvell Technology has an average rating of "Moderate Buy" and a consensus price target of $94.70.

Marvell Technology Price Performance

The stock has a market capitalization of $66.41 billion, a PE ratio of -134.65, a PEG ratio of 0.81 and a beta of 1.83. The company has a current ratio of 1.30, a quick ratio of 0.94 and a debt-to-equity ratio of 0.22. The firm's 50-day moving average price is $74.86 and its 200-day moving average price is $71.32.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings data 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 the consensus estimate 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 quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.24 earnings per share. On average, equities analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling

In other news, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction on Monday, June 16th. The shares were 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 of the company's stock, valued at approximately $2,025,682. The trade was a 4.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mark Casper sold 3,000 shares of the firm's stock in a transaction dated Friday, July 18th. The stock was sold at an average price of $72.35, for a total transaction of $217,050.00. Following the completion of the transaction, the executive vice president directly owned 17,163 shares in the company, valued at $1,241,743.05. This represents a 14.88% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 5,783 shares of company stock valued at $407,716. Insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the stock. Hughes Financial Services LLC purchased a new position in Marvell Technology during the 1st quarter worth $26,000. Rossby Financial LCC bought a new position in shares of Marvell Technology during the 1st quarter worth $27,000. Financial Connections Group Inc. increased its stake in shares of Marvell Technology by 776.0% during the first quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after buying an additional 388 shares during the period. Game Plan Financial Advisors LLC purchased a new position in shares of Marvell Technology during the second quarter valued at $27,000. Finally, Vision Financial Markets LLC purchased a new stake in Marvell Technology in the first quarter worth about $28,000. 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.