Marvell Technology (NASDAQ:MRVL) Sees Large Volume Increase Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report) saw strong trading volume on Friday after Barclays raised their price target on the stock from $75.00 to $80.00. Barclays currently has an overweight rating on the stock. 6,786,400 shares were traded during mid-day trading, a decline of 48% from the previous session’s volume of 13,073,063 shares.The stock last traded at $70.00 and had previously closed at $76.85.

MRVL has been the subject of a number of other reports. Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. Jefferies Financial Group initiated coverage on shares of Marvell Technology in a report on Monday, May 13th. They set a “buy” rating and a $85.00 price objective for the company. Oppenheimer reaffirmed an “outperform” rating and set a $90.00 price objective (up from $80.00) on shares of Marvell Technology in a report on Friday. TD Cowen raised their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Finally, Morgan Stanley raised their price objective on shares of Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday. One research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

View Our Latest Stock Report on MRVL

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.44, for a total transaction of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares of the company’s stock, valued at approximately $7,581,933.48. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.44, for a total value of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares of the company’s stock, valued at $7,581,933.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the completion of the sale, the chief executive officer now owns 732,929 shares in the company, valued at $48,497,911.93. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,522,055 in the last quarter. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently modified their holdings of the stock. Pathway Financial Advisers LLC acquired a new position in shares of Marvell Technology in the first quarter valued at about $1,023,000. Cetera Advisors LLC grew its stake in Marvell Technology by 123.0% during the first quarter. Cetera Advisors LLC now owns 38,811 shares of the semiconductor company’s stock worth $2,751,000 after buying an additional 21,410 shares in the last quarter. Cetera Investment Advisers grew its stake in 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. Atria Investments Inc grew its stake in Marvell Technology by 36.0% during the first quarter. Atria Investments Inc now owns 30,917 shares of the semiconductor company’s stock worth $2,191,000 after buying an additional 8,189 shares in the last quarter. Finally, Swedbank AB acquired a new stake in Marvell Technology during the first quarter worth about $21,955,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Price Performance

The stock has a market capitalization of $59.55 billion, a price-to-earnings ratio of -63.71, a P/E/G ratio of 3.80 and a beta of 1.48. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The business’s 50 day simple moving average is $70.10 and its 200-day simple moving average is $66.03.

Marvell Technology (NASDAQ:MRVLGet Free Report) last posted its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.24. The company had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. During the same period last year, the company posted $0.17 EPS. On average, research analysts forecast that Marvell Technology, Inc. will post 0.73 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology declared that its board has initiated a stock repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.

About Marvell Technology

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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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