Marvell Technology (NASDAQ:MRVL) Trading Up 2.8% – Here’s What Happened

by · The Cerbat Gem

Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) was up 2.8% on Monday . The company traded as high as $82.94 and last traded at $82.05. Approximately 2,672,591 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 12,333,642 shares. The stock had previously closed at $79.85.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on MRVL shares. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. TD Cowen upgraded Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Piper Sandler restated an “overweight” rating and set a $100.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Bank of America upped their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Read Our Latest Stock Analysis on Marvell Technology

Marvell Technology Stock Performance

The firm has a 50 day moving average of $71.99 and a two-hundred day moving average of $70.19. The stock has a market cap of $70.32 billion, a P/E ratio of -72.61, a P/E/G ratio of 3.17 and a beta of 1.45. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL – Get Free Report) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the company earned $0.18 EPS. The firm’s revenue for the quarter was down 5.1% compared to the same quarter last year. On average, research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. Marvell Technology’s dividend payout ratio is currently -21.24%.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the transaction, the chief financial officer now owns 113,253 shares in the company, valued at $7,559,637.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,000 shares of company stock worth $19,846,215. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions in the stock. American International Group Inc. lifted its holdings in Marvell Technology by 1.5% during the fourth quarter. American International Group Inc. now owns 66,986 shares of the semiconductor company’s stock worth $4,040,000 after acquiring an additional 993 shares in the last quarter. NBC Securities Inc. increased its position in shares of Marvell Technology by 124.8% in the first quarter. NBC Securities Inc. now owns 1,938 shares of the semiconductor company’s stock valued at $137,000 after acquiring an additional 1,076 shares during the last quarter. &PARTNERS acquired a new stake in shares of Marvell Technology in the first quarter valued at about $439,000. Salem Investment Counselors Inc. increased its position in shares of Marvell Technology by 20.4% in the first quarter. Salem Investment Counselors Inc. now owns 2,197 shares of the semiconductor company’s stock valued at $156,000 after acquiring an additional 373 shares during the last quarter. Finally, Ballentine Partners LLC increased its position in shares of Marvell Technology by 13.7% in the first quarter. Ballentine Partners LLC now owns 5,457 shares of the semiconductor company’s stock valued at $387,000 after acquiring an additional 657 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

About Marvell Technology

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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.

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