Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.2% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) rose 1.2% on Friday . The stock traded as high as $75.34 and last traded at $75.15. Approximately 10,217,992 shares were traded during trading, a decline of 35% from the average daily volume of 15,647,810 shares. The stock had previously closed at $74.25.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several analyst reports. Redburn Atlantic initiated coverage on Marvell Technology in a research report on Wednesday, May 28th. They set a “neutral” rating and a $67.00 target price on the stock. Loop Capital cut their target price on Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. Raymond James Financial reaffirmed an “outperform” rating and issued a $90.00 price objective (down previously from $110.00) on shares of Marvell Technology in a research report on Friday, May 30th. China Renaissance initiated coverage on Marvell Technology in a research report on Thursday, June 5th. They issued a “buy” rating and a $110.00 price objective on the stock. Finally, Evercore ISI cut their price objective on Marvell Technology from $135.00 to $133.00 and set an “outperform” rating on the stock in a research report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $96.33.

Marvell Technology Stock Up 1.2%

The company has a debt-to-equity ratio of 0.22, a quick ratio of 0.94 and a current ratio of 1.30. The stock has a market capitalization of $64.92 billion, a PE ratio of -131.84, a PEG ratio of 0.81 and a beta of 1.81. The business has a 50 day moving average of $66.54 and a two-hundred day moving average of $81.72.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, topping analysts’ consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion during the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm’s quarterly revenue was up 63.3% on a year-over-year basis. During the same period in the prior year, the business posted $0.24 EPS. Analysts predict that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.32%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -42.11%.

Insider Buying and Selling

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares in the company, valued at approximately $8,314,764.96. This trade represents a 1.22% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction dated Thursday, May 15th. The shares were sold at an average price of $65.10, for a total value of $390,600.00. Following the completion of the sale, the chief operating officer owned 92,065 shares of the company’s stock, valued at approximately $5,993,431.50. This trade represents a 6.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 27,394 shares of company stock valued at $1,656,076. Company insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Intrepid Financial Planning Group LLC raised its stake in Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after buying an additional 90 shares during the last quarter. PDS Planning Inc raised its stake in Marvell Technology by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after buying an additional 92 shares during the last quarter. Tradewinds LLC. raised its stake in Marvell Technology by 0.7% in the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company’s stock valued at $1,552,000 after buying an additional 101 shares during the last quarter. Coldstream Capital Management Inc. raised its stake in Marvell Technology by 1.0% in the fourth quarter. Coldstream Capital Management Inc. now owns 11,344 shares of the semiconductor company’s stock valued at $1,253,000 after buying an additional 116 shares during the last quarter. Finally, Nicolet Advisory Services LLC raised its stake in Marvell Technology by 3.1% in the fourth quarter. Nicolet Advisory Services LLC now owns 3,916 shares of the semiconductor company’s stock valued at $448,000 after buying an additional 118 shares during the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.