Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Down 14.8% in July

Marvell Technology, Inc. (NASDAQ:MRVL) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totalling 37,390,000 shares, a drop of 14.8% from the June 30th total of 43,900,000 shares. Based on an average daily volume of 10,800,000 shares, the days-to-cover ratio is currently 3.5 days.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. Morgan Stanley lifted their price target on Marvell Technology from $71.00 to $77.00 and gave the company an “equal weight” rating in a report on Friday, May 31st. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, May 31st. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. KeyCorp lifted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a report on Tuesday, July 9th. Finally, Jefferies Financial Group started coverage on Marvell Technology in a report on Monday, May 13th. They issued a “buy” rating and a $85.00 target price for the company. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $85.50.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction dated Monday, July 8th. The stock was sold at an average price of $75.00, for a total transaction of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The disclosure for this sale can be found here. In the last quarter, insiders have sold 100,000 shares of company stock valued at $7,255,235. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of large investors have recently bought and sold shares of the stock. UMB Bank n.a. grew its position in Marvell Technology by 8.5% in the second quarter. UMB Bank n.a. now owns 6,113 shares of the semiconductor company’s stock valued at $427,000 after acquiring an additional 477 shares during the period. Bfsg LLC grew its position in Marvell Technology by 439,828.0% in the second quarter. Bfsg LLC now owns 109,982 shares of the semiconductor company’s stock valued at $7,688,000 after acquiring an additional 109,957 shares during the period. Migdal Insurance & Financial Holdings Ltd. grew its position in Marvell Technology by 22.0% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,485 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 268 shares during the period. Arkadios Wealth Advisors bought a new stake in Marvell Technology in the second quarter valued at $408,000. Finally, HB Wealth Management LLC grew its position in Marvell Technology by 51.5% in the second quarter. HB Wealth Management LLC now owns 15,297 shares of the semiconductor company’s stock valued at $1,069,000 after acquiring an additional 5,203 shares during the period. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

MRVL opened at $64.48 on Tuesday. The stock has a market cap of $55.81 billion, a PE ratio of -57.06, a P/E/G ratio of 3.11 and a beta of 1.47. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. Marvell Technology has a 1 year low of $46.07 and a 1 year high of $85.76. The stock’s 50 day simple moving average is $71.15 and its 200-day simple moving average is $69.94.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.24. The business had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a positive return on equity of 4.51% and a negative net margin of 18.33%. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the previous year, the business posted $0.17 earnings per share. Sell-side analysts forecast that Marvell Technology will post 0.75 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date is Friday, July 12th. Marvell Technology’s dividend payout ratio is presently -21.24%.

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.