Marvell Technology (NASDAQ:MRVL) Shares Gap Up Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up before the market opened on Wednesday after Morgan Stanley raised their price target on the stock from $73.00 to $80.00. The stock had previously closed at $76.34, but opened at $83.11. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology shares last traded at $83.65, with a volume of 16,649,314 shares traded.

Several other equities research analysts have also commented on the stock. Piper Sandler restated an “overweight” rating and set a $85.00 target price (down from $95.00) on shares of Marvell Technology in a research report on Friday, May 30th. Wall Street Zen lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Saturday, July 12th. Melius Research boosted their price objective on shares of Marvell Technology from $67.00 to $76.00 and gave the stock a “hold” rating in a research report on Wednesday, June 18th. Needham & Company LLC lowered shares of Marvell Technology from a “buy” rating to a “cautious” rating in a research report on Wednesday, July 16th. Finally, Loop Capital decreased their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a “buy” rating on the stock in a research report on Friday, May 30th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $94.70.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, June 16th. The shares were sold at an average price of $68.52, for a total transaction of $102,780.00. Following the completion of the sale, the chief financial officer owned 121,348 shares of the company’s stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.10, for a total transaction of $390,600.00. Following the sale, the chief operating officer directly 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 position. The disclosure for this sale can be found here. Insiders sold a total of 16,434 shares of company stock worth $1,097,826 in the last quarter. Company insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the business. Capital Analysts LLC increased its position in Marvell Technology by 236.3% during the 4th quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 241 shares in the last quarter. Game Plan Financial Advisors LLC acquired a new stake in Marvell Technology in the second quarter valued at approximately $27,000. Kiker Wealth Management LLC grew its position in Marvell Technology by 374.7% in the second quarter. Kiker Wealth Management LLC now owns 356 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 281 shares in the last quarter. Chelsea Counsel Co. acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $44,000. Finally, Bernard Wealth Management Corp. acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $45,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.22, a current ratio of 1.30 and a quick ratio of 0.94. The company’s 50-day simple moving average is $70.51 and its 200-day simple moving average is $76.83. The company has a market cap of $70.61 billion, a price-to-earnings ratio of -143.40, a P/E/G ratio of 0.83 and a beta of 1.81.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.01. Marvell Technology had a negative net margin of 7.56% and a positive return on equity of 8.42%. The company had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the company earned $0.24 earnings per share. Marvell Technology’s revenue for the quarter was up 63.3% on a year-over-year basis. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Shareholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.29%. The ex-dividend date is Friday, July 11th. Marvell Technology’s dividend payout ratio (DPR) is -42.11%.

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.