Marvell Technology (NASDAQ:MRVL) Trading 0.3% Higher

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 0.3% during mid-day trading on Thursday . The stock traded as high as $75.34 and last traded at $75.12. 2,357,573 shares traded hands during trading, a decline of 81% from the average session volume of 12,578,924 shares. The stock had previously closed at $74.89.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on MRVL. Roth Mkm restated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. The Goldman Sachs Group upped their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Rosenblatt Securities upped their price target on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Finally, Barclays upped their price target on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

The company has a market cap of $64.58 billion, a price-to-earnings ratio of -66.18, a price-to-earnings-growth ratio of 2.91 and a beta of 1.46. The firm has a 50-day simple moving average of $68.11 and a 200 day simple moving average of $69.66. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.18 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.77 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were paid a $0.06 dividend. The ex-dividend date was Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. Marvell Technology’s dividend payout ratio (DPR) is currently -21.24%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the firm’s stock in a transaction that occurred on Monday, June 24th. The shares were purchased at an average cost of $70.21 per share, for a total transaction of $100,049.25. Following the completion of the purchase, the director now directly owns 1,923 shares in the company, valued at $135,013.83. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Institutional investors have recently modified their holdings of the business. Bruce G. Allen Investments LLC boosted its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the first quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the second quarter valued at approximately $32,000. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter valued at approximately $32,000. Finally, Optimum Investment Advisors purchased a new stake in shares of Marvell Technology in the first quarter valued at approximately $35,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.