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.
Read Our Latest Report on MRVL
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
(
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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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