Marvell Technology (NASDAQ:MRVL) Sets New 1-Year High Following Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) reached a new 52-week high during mid-day trading on Monday after Evercore ISI raised their price target on the stock from $98.00 to $122.00. Evercore ISI currently has an outperform rating on the stock. Marvell Technology traded as high as $97.63 and last traded at $96.73, with a volume of 4026360 shares traded. The stock had previously closed at $92.69.

Other equities analysts also recently issued reports about the company. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark upped their target price on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America raised their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Wells Fargo & Company upped their price objective on Marvell Technology from $90.00 to $110.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 26th. Finally, Rosenblatt Securities lifted their target price on Marvell Technology from $100.00 to $120.00 and gave the company a “buy” rating in a report on Friday, August 30th. Three research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $96.43.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 267,000 shares of company stock worth $20,899,260. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Atria Investments Inc grew its holdings in Marvell Technology by 36.0% during the 1st quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock valued at $2,191,000 after buying an additional 8,189 shares during the last quarter. Cetera Investment Advisers grew its holdings in shares of Marvell Technology by 357.3% during the first quarter. Cetera Investment Advisers now owns 175,518 shares of the semiconductor company’s stock worth $12,441,000 after buying an additional 137,138 shares in the last quarter. Cetera Advisors LLC raised its position in shares of Marvell Technology by 123.0% in the first quarter. Cetera Advisors LLC now owns 38,811 shares of the semiconductor company’s stock valued at $2,751,000 after buying an additional 21,410 shares during the last quarter. EverSource Wealth Advisors LLC lifted its stake in shares of Marvell Technology by 13.7% during the first quarter. EverSource Wealth Advisors LLC now owns 1,513 shares of the semiconductor company’s stock valued at $100,000 after buying an additional 182 shares during the period. Finally, GAMMA Investing LLC boosted its position in Marvell Technology by 87.6% during the second quarter. GAMMA Investing LLC now owns 6,451 shares of the semiconductor company’s stock worth $451,000 after acquiring an additional 3,012 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

The company’s 50 day simple moving average is $82.50 and its 200 day simple moving average is $74.40. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The stock has a market capitalization of $84.62 billion, a PE ratio of -87.14, a PEG ratio of 4.03 and a beta of 1.44.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. The firm 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 quarterly revenue was down 5.1% on a year-over-year basis. During the same period last year, the company earned $0.18 EPS. On average, equities analysts anticipate that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.25%. Marvell Technology’s payout ratio is -21.62%.

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.