Marvell Technology (NASDAQ:MRVL) Shares Up 6.3%

Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) shot up 6.3% during mid-day trading on Wednesday . The company traded as high as $48.17 and last traded at $48.13. 582,371 shares were traded during mid-day trading, a decline of 94% from the average session volume of 10,471,383 shares. The stock had previously closed at $45.29.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on MRVL. B. Riley cut Marvell Technology from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $75.00 to $63.00 in a report on Wednesday, June 15th. Benchmark assumed coverage on Marvell Technology in a report on Wednesday, August 3rd. They issued a “buy” rating and a $70.00 target price on the stock. KeyCorp decreased their target price on Marvell Technology from $90.00 to $75.00 and set an “overweight” rating for the company in a research report on Friday, August 26th. Needham & Company LLC decreased their target price on Marvell Technology from $105.00 to $75.00 in a research report on Friday, May 27th. Finally, The Goldman Sachs Group raised their target price on Marvell Technology from $55.00 to $62.00 and gave the stock a “buy” rating in a research report on Friday, August 26th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-eight have given a buy rating to the company’s stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $81.21.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.93 and a current ratio of 1.35. The firm has a 50 day moving average of $50.95 and a 200-day moving average of $55.56.

Marvell Technology (NASDAQ:MRVLGet Rating) last issued its quarterly earnings results on Thursday, August 25th. The semiconductor company reported $0.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.56 by $0.01. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. The firm had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.52 billion. During the same period in the previous year, the company posted $0.21 earnings per share. The company’s quarterly revenue was up 41.0% compared to the same quarter last year. Analysts anticipate that Marvell Technology, Inc. will post 1.61 EPS for the current fiscal year.

Insider Activity at Marvell Technology

In related news, EVP Mitchell Gaynor sold 5,000 shares of the business’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $47.67, for a total transaction of $238,350.00. Following the transaction, the executive vice president now directly owns 115,563 shares in the company, valued at $5,508,888.21. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Marvell Technology news, EVP Dan Christman sold 14,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, August 3rd. The stock was sold at an average price of $57.28, for a total transaction of $801,920.00. Following the sale, the executive vice president now directly owns 92,203 shares of the company’s stock, valued at $5,281,387.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mitchell Gaynor sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $47.67, for a total value of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at $5,508,888.21. The disclosure for this sale can be found here. Insiders have sold 24,000 shares of company stock worth $1,279,020 over the last three months. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MRVL. MUFG Americas Holdings Corp boosted its holdings in shares of Marvell Technology by 90.2% in the 1st quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 175 shares in the last quarter. Canton Hathaway LLC acquired a new position in shares of Marvell Technology in the 2nd quarter worth approximately $28,000. Arlington Partners LLC acquired a new position in shares of Marvell Technology in the 2nd quarter worth approximately $29,000. Deseret Mutual Benefit Administrators boosted its holdings in shares of Marvell Technology by 140.3% in the 2nd quarter. Deseret Mutual Benefit Administrators now owns 668 shares of the semiconductor company’s stock worth $29,000 after acquiring an additional 390 shares in the last quarter. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of Marvell Technology in the 1st quarter worth approximately $32,000. 80.95% of the stock is owned by institutional investors and hedge funds.

Marvell Technology Company Profile

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Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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