Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.5%

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 2.5% during mid-day trading on Friday . The stock traded as high as $74.00 and last traded at $74.00. Approximately 1,393,476 shares were traded during mid-day trading, a decline of 89% from the average daily volume of 12,721,353 shares. The stock had previously closed at $72.18.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research analyst reports. Morgan Stanley increased their target price on Marvell Technology from $71.00 to $77.00 and gave the stock an “equal weight” rating in a report on Friday, May 31st. Jefferies Financial Group assumed coverage on shares of Marvell Technology in a research note on Monday, May 13th. They issued a “buy” rating and a $85.00 target price for the company. Barclays increased their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the company an “overweight” rating in a research note on Friday, May 31st. B. Riley boosted their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday, May 31st. Finally, Citigroup reiterated a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Wednesday, March 27th. One equities 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. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $85.24.

Marvell Technology Price Performance

The business has a 50 day moving average price of $71.48 and a 200-day moving average price of $69.20. The company has a market capitalization of $63.77 billion, a price-to-earnings ratio of -65.49, a P/E/G ratio of 3.55 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.24 and a current ratio of 1.80.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, hitting the consensus estimate of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The company had revenue of $1.16 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same quarter last year, the firm posted $0.17 EPS. The company’s quarterly revenue was down 12.2% on a year-over-year basis. Research analysts predict that Marvell Technology, Inc. will post 0.75 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, July 12th. This represents a $0.24 annualized dividend and a dividend yield of 0.33%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insider Activity

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $68.82, for a total value of $2,064,600.00. Following the transaction, the chief executive officer now owns 716,545 shares in the company, valued at $49,312,626.90. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the transaction, the chief executive officer now owns 716,545 shares in the company, valued at $49,312,626.90. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total transaction of $356,250.00. Following the transaction, the executive vice president now owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. Insiders sold a total of 131,000 shares of company stock worth $9,357,740 in the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the business. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Marvell Technology by 157.3% in the fourth quarter. Benjamin F. Edwards & Company Inc. now owns 772 shares of the semiconductor company’s stock worth $46,000 after buying an additional 472 shares in the last quarter. Hoylecohen LLC bought a new position in shares of Marvell Technology in the fourth quarter worth $658,000. US Bancorp DE raised its position in shares of Marvell Technology by 8.6% in the fourth quarter. US Bancorp DE now owns 185,347 shares of the semiconductor company’s stock worth $11,178,000 after buying an additional 14,651 shares in the last quarter. Franklin Resources Inc. boosted its stake in Marvell Technology by 6.2% during the fourth quarter. Franklin Resources Inc. now owns 3,199,865 shares of the semiconductor company’s stock valued at $192,984,000 after buying an additional 187,998 shares during the period. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Marvell Technology by 85.0% in the 1st quarter. Janney Montgomery Scott LLC now owns 77,850 shares of the semiconductor company’s stock valued at $5,518,000 after acquiring an additional 35,760 shares in the last quarter. 83.51% of the stock is owned by 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.