Marvell Technology (NASDAQ:MRVL) Trading Up 1.5% - Time to Buy?

Key Points

• Marvell Technology's stock increased by 1.5% to close at $75.58, with trading volume significantly down by 80% compared to its average.
• Analyst ratings are mixed, with eight holds, twenty-two buy ratings, and a revised average price target of $94.70 from a recent "Moderate Buy" assessment.
• The company reported a 63.3% increase in revenue year-over-year, with earnings per share of $0.62, surpassing estimates of $0.61.

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) was up 1.5% during trading on Monday . The stock traded as high as $76.85 and last traded at $75.58. Approximately 3,768,460 shares traded hands during trading, a decline of 80% from the average daily volume of 18,789,941 shares. The stock had previously closed at $74.45.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of recent analyst reports. Wall Street Zen downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Saturday, July 12th. Benchmark reissued a "buy" rating and issued a $95.00 price target on shares of Marvell Technology in a report on Wednesday, June 18th. China Renaissance started coverage on shares of Marvell Technology in a research note on Thursday, June 5th. They issued a "buy" rating and a $110.00 target price on the stock. Raymond James Financial reissued an "outperform" rating and issued a $90.00 price target (down previously from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Piper Sandler restated an "overweight" rating and set a $85.00 price objective (down previously from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $94.70.

Marvell Technology Trading Up 2.9%

The firm has a 50-day moving average price of $71.59 and a 200-day moving average price of $75.78. 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 stock has a market cap of $66.16 billion, a PE ratio of -134.40, a price-to-earnings-growth ratio of 0.81 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter in the previous year, the firm earned $0.24 EPS. Marvell Technology's revenue was up 63.3% on a year-over-year basis. As a group, equities analysts anticipate 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. Shareholders of record on Friday, July 11th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.3%. Marvell Technology's payout ratio is -42.11%.

Insiders Place Their Bets

In other news, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated Thursday, May 15th. The shares were 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 represents a 6.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CAO Panteha Dixon sold 1,286 shares of the company's stock in a transaction dated Monday, May 12th. The shares were sold at an average price of $65.00, for a total transaction of $83,590.00. Following the sale, the chief accounting officer directly owned 32,094 shares of the company's stock, valued at $2,086,110. The trade was a 3.85% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 16,434 shares of company stock worth $1,097,826 in the last 90 days. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Hughes Financial Services LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $26,000. Rossby Financial LCC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $27,000. Financial Connections Group Inc. grew its stake in shares of Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after acquiring an additional 388 shares during the period. Game Plan Financial Advisors LLC bought a new position in shares of Marvell Technology during the 2nd quarter valued at approximately $27,000. Finally, Vision Financial Markets LLC bought a new position in shares of Marvell Technology during the 1st quarter valued at approximately $28,000. Hedge funds and other institutional investors own 83.51% of the company's stock.

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.

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.