Marvell Technology (NASDAQ:MRVL) Trading Up 6.2% - What's Next?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 6.2% during trading on Friday . The stock traded as high as $69.52 and last traded at $69.21. 8,184,320 shares were traded during mid-day trading, a decline of 44% from the average session volume of 14,565,337 shares. The stock had previously closed at $65.16.

Analyst Upgrades and Downgrades

Several brokerages have commented on MRVL. Rosenblatt Securities restated a "buy" rating and issued a $124.00 price objective on shares of Marvell Technology in a report on Friday, May 30th. Wells Fargo & Company decreased their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a report on Friday, May 30th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating for the company in a report on Friday, May 30th. Raymond James reiterated an "outperform" rating and issued a $90.00 price target (down from $110.00) on shares of Marvell Technology in a research note on Friday, May 30th. Finally, Redburn Atlantic began coverage on shares of Marvell Technology in a research note on Wednesday, May 28th. They issued a "neutral" rating and a $67.00 price target for the company. Seven investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Stock Performance

The business's fifty day moving average price is $58.83 and its 200-day moving average price is $86.01. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a market cap of $59.04 billion, a PE ratio of -40.21, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The business's quarterly revenue was up 63.3% compared to the same quarter last year. During the same quarter last year, the firm posted $0.24 EPS. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.91 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Friday, April 11th. Marvell Technology's payout ratio is presently -42.11%.

Insider Activity

In related news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares of the company's stock, valued at approximately $5,639,310.73. This trade represents a 6.82% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 33,541 shares of company stock valued at $2,079,948 in the last 90 days. 0.19% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in MRVL. Norges Bank purchased a new position in shares of Marvell Technology in the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC bought a new stake in Marvell Technology during the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC raised its stake in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after acquiring an additional 6,543,132 shares during the period. Nuveen LLC bought a new stake in Marvell Technology during the 1st quarter worth approximately $399,587,000. Finally, Goldman Sachs Group Inc. raised its stake in Marvell Technology by 32.3% during the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 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.