Marvell Technology (NASDAQ:MRVL) Trading 9.2% Higher Following Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose 9.2% during mid-day trading on Monday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock traded as high as $79.00 and last traded at $76.24. Approximately 32,029,801 shares traded hands during mid-day trading, an increase of 155% from the average daily volume of 12,577,931 shares. The stock had previously closed at $69.84.

Several other equities research analysts also recently weighed in on the company. Morgan Stanley increased their price target on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday. Piper Sandler restated an “overweight” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Friday. Bank of America boosted their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday. Evercore ISI raised their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday. Finally, KeyCorp boosted their target price on Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research report on Tuesday, July 9th. Two research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Insider Buying and Selling at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the sale, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The transaction was disclosed in a filing with the SEC, which is available through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, July 15th. The shares were sold at an average price of $73.88, for a total value of $110,820.00. Following the completion of the sale, the chief financial officer now directly owns 109,318 shares of the company’s stock, valued at approximately $8,076,413.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 50,000 shares of the stock in a transaction on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares in the company, valued at approximately $62,892,825. The disclosure for this sale can be found here. In the last three months, insiders sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares during the period. Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology in the 1st quarter worth about $31,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology in the 2nd quarter valued at about $32,000. Quarry LP acquired a new stake in Marvell Technology during the 2nd quarter worth approximately $32,000. Finally, Optimum Investment Advisors purchased a new position in Marvell Technology in the first quarter valued at approximately $35,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Trading Up 9.2 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The business’s 50-day simple moving average is $68.12 and its two-hundred day simple moving average is $69.54. The stock has a market capitalization of $65.99 billion, a price-to-earnings ratio of -67.47, a PEG ratio of 3.61 and a beta of 1.47.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.26%. The firm had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period in the prior year, the company earned $0.18 EPS. The firm’s revenue was down 5.1% on a year-over-year basis. On average, research analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s dividend payout ratio is presently -21.24%.

Marvell Technology Company Profile

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.