Marvell Technology (NASDAQ:MRVL) Trading Up 7.1% on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price traded up 7.1% during trading on Thursday after Cantor Fitzgerald raised their price target on the stock from $60.00 to $75.00. Cantor Fitzgerald currently has a neutral rating on the stock. Marvell Technology traded as high as $77.65 and last traded at $74.95. 55,279,712 shares changed hands during trading, an increase of 268% from the average session volume of 15,033,239 shares. The stock had previously closed at $69.99.

Several other equities analysts have also issued reports on MRVL. B. Riley reiterated a "buy" rating and set a $115.00 target price (up from $110.00) on shares of Marvell Technology in a report on Wednesday. China Renaissance assumed coverage on Marvell Technology in a research report on Thursday, June 5th. They set a "buy" rating and a $110.00 price objective for the company. Benchmark reissued a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a report on Wednesday. TD Cowen increased their target price on Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research note on Friday, May 30th. Finally, Loop Capital lowered their price target on Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday, May 30th. Seven 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. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $96.33.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on 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 now owns 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Panteha Dixon sold 1,283 shares of the business's stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $68.50, for a total value of $87,885.50. Following the completion of the transaction, the chief accounting officer now directly owns 29,572 shares in the company, valued at approximately $2,025,682. This represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 27,394 shares of company stock worth $1,656,076. Company insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in MRVL. Intrepid Financial Planning Group LLC increased its holdings in Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock valued at $2,860,000 after acquiring an additional 90 shares during the last quarter. PDS Planning Inc grew its position 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 valued at $319,000 after purchasing an additional 92 shares in the last quarter. Private Trust Co. NA increased its holdings in shares of Marvell Technology by 2.7% in the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after purchasing an additional 97 shares during the last quarter. Tradewinds LLC. lifted its position in shares of Marvell Technology by 0.7% in the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock worth $1,552,000 after buying an additional 101 shares in the last quarter. Finally, SRS Capital Advisors Inc. boosted its stake in Marvell Technology by 19.3% during the fourth quarter. SRS Capital Advisors Inc. now owns 693 shares of the semiconductor company's stock valued at $77,000 after buying an additional 112 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

The company has a market capitalization of $64.74 billion, a P/E ratio of -131.49, a price-to-earnings-growth ratio of 0.76 and a beta of 1.76. The business has a 50 day moving average of $61.17 and a 200 day moving average of $84.80. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, May 29th. The semiconductor company reported $0.62 EPS for the quarter, beating 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 firm had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same period in the prior year, the company earned $0.24 EPS. The company's quarterly revenue was up 63.3% compared to the same quarter last year. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, July 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. Marvell Technology's dividend payout ratio (DPR) is presently -42.11%.

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.

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