Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.3% - What's Next?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares rose 2.3% during mid-day trading on Tuesday . The stock traded as high as $73.33 and last traded at $73.16. Approximately 4,278,289 shares changed hands during trading, a decline of 73% from the average daily volume of 15,672,569 shares. The stock had previously closed at $71.55.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several recent analyst reports. Wells Fargo & Company reduced their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Friday, May 30th. The Goldman Sachs Group initiated coverage on shares of Marvell Technology in a research note on Thursday. They set a "neutral" rating and a $75.00 price objective on the stock. Melius downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective on the stock. in a research note on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft cut their price target on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday, May 30th. Finally, Morgan Stanley increased their price target on shares of Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Friday, May 30th. Seven analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $94.47.

Marvell Technology Stock Performance

The stock's 50-day moving average price is $67.59 and its 200-day moving average price is $80.84. 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 company has a market capitalization of $63.37 billion, a P/E ratio of -128.70, a P/E/G ratio of 0.78 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. During the same period last year, the firm posted $0.24 EPS. The company's revenue for the quarter was up 63.3% on a year-over-year basis. As a group, equities analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, July 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology's dividend payout ratio is presently -42.11%.

Insider Activity

In related news, CAO Panteha Dixon sold 1,283 shares of Marvell Technology 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 sale, the chief accounting officer directly owned 29,572 shares in the company, valued at $2,025,682. This trade represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 626 shares of Marvell Technology stock in a transaction dated Monday, May 19th. The shares were sold at an average price of $61.10, for a total transaction of $38,248.60. Following the completion of the sale, the executive vice president owned 626 shares in the company, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Hedge funds have recently bought and sold shares of the company. Bank Pictet & Cie Europe AG raised its position in shares of Marvell Technology by 0.7% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company's stock worth $7,368,000 after buying an additional 460 shares in the last quarter. Proficio Capital Partners LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth about $361,000. PNC Financial Services Group Inc. raised its position in shares of Marvell Technology by 7.5% during the 4th quarter. PNC Financial Services Group Inc. now owns 77,167 shares of the semiconductor company's stock worth $8,523,000 after buying an additional 5,384 shares in the last quarter. AlphaQuest LLC bought a new stake in shares of Marvell Technology during the 4th quarter worth about $61,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Marvell Technology by 3.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 193,389 shares of the semiconductor company's stock worth $21,360,000 after buying an additional 5,722 shares in the last quarter. 83.51% of the stock is currently 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.