Marvell Technology (NASDAQ:MRVL) Trading 7.3% Higher on Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) rose 7.3% during trading on Wednesday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $75.00. Cantor Fitzgerald currently has a neutral rating on the stock. Marvell Technology traded as high as $77.65 and last traded at $75.07. Approximately 26,740,935 shares were traded during trading, an increase of 79% from the average daily volume of 14,902,690 shares. The stock had previously closed at $69.99.

Other equities analysts also recently issued reports about the stock. China Renaissance began coverage on shares of Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 target price on the stock. UBS Group reiterated a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Susquehanna dropped their price target on Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research report on Tuesday, May 27th. Benchmark reiterated a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a report on Wednesday. Finally, Loop Capital reduced their price objective on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average target price of $96.33.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,283 shares of the firm'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 transaction, the chief accounting officer now directly owns 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, June 16th. The stock was sold at an average price of $68.52, for a total transaction of $102,780.00. Following the sale, the chief financial officer now directly owns 121,348 shares of the company's stock, valued at $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 27,394 shares of company stock worth $1,656,076 over the last ninety days. Corporate insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its position in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after acquiring an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. increased its position in shares of Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after buying an additional 5,050,159 shares in the last quarter. Brown Advisory Inc. raised its stake in Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after buying an additional 423,892 shares during the period. Invesco Ltd. increased its holdings in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC raised its position in shares of Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Institutional investors and hedge funds own 83.51% of the company's stock.

Marvell Technology Stock Up 7.3%

The stock has a market capitalization of $64.87 billion, a price-to-earnings ratio of -131.33, a P/E/G ratio of 0.77 and a beta of 1.76. The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The firm's fifty day simple moving average is $60.89 and its 200 day simple moving average is $84.87.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The company 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%. The company's quarterly revenue was up 63.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.24 earnings per share. On average, sell-side analysts forecast that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a dividend of $0.06 per share. 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 -42.11%.

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.

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