Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.3% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares were up 2.3% during mid-day trading on Tuesday . The company traded as high as $73.33 and last traded at $73.16. Approximately 4,278,289 shares traded 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

A number of equities research analysts have issued reports on MRVL shares. Morgan Stanley increased their price objective on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Piper Sandler reaffirmed an "overweight" rating and set a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a report on Friday, May 30th. Citigroup cut their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a report on Friday, April 11th. Needham & Company LLC reissued a "buy" rating and issued a $85.00 target price on shares of Marvell Technology in a report on Wednesday, June 18th. Finally, UBS Group reissued a "buy" rating on shares of Marvell Technology in a report on Monday, June 2nd. Six research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.33.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The firm has a 50-day moving average price of $67.07 and a two-hundred day moving average price of $81.18. The firm has a market capitalization of $62.42 billion, a P/E ratio of -126.77, a P/E/G ratio of 0.78 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating the consensus estimate of $0.61 by $0.01. The firm had revenue of $1.90 billion during 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 firm's quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the previous year, the company posted $0.24 earnings per share. On average, analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business'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 sale, the chief financial officer owned 121,348 shares in the company, valued at approximately $8,314,764.96. The trade was a 1.22% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Panteha Dixon sold 1,286 shares of the business's stock in a transaction dated Monday, May 12th. The stock was sold at an average price of $65.00, for a total value of $83,590.00. Following the sale, the chief accounting officer owned 32,094 shares in the company, 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 have sold 27,394 shares of company stock worth $1,656,076 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently modified their holdings of MRVL. Intrepid Financial Planning Group LLC lifted its holdings in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc lifted its holdings in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after purchasing an additional 92 shares during the period. Tradewinds LLC. lifted its holdings in shares of Marvell Technology by 0.7% during the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock worth $1,552,000 after purchasing an additional 101 shares during the period. Coldstream Capital Management Inc. lifted its holdings in shares of Marvell Technology by 1.0% during the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company's stock worth $1,253,000 after purchasing an additional 116 shares during the period. Finally, Nicolet Advisory Services LLC lifted its holdings in shares of Marvell Technology by 3.1% during the fourth quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company's stock worth $448,000 after purchasing an additional 118 shares during the period. 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.