Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) fell 2.8% during trading on Friday . The company traded as low as $66.22 and last traded at $66.30. 1,479,088 shares changed hands during trading, a decline of 88% from the average session volume of 12,662,578 shares. The stock had previously closed at $68.21.
Analyst Upgrades and Downgrades
A number of research firms have commented on MRVL. Barclays increased their price objective 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. Needham & Company LLC reiterated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research note on Friday, May 31st. Jefferies Financial Group began coverage on shares of Marvell Technology in a research note on Monday, May 13th. They set a “buy” rating and a $85.00 price objective on the stock. Citigroup reiterated a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Finally, B. Riley increased their price objective on shares of Marvell Technology from $95.00 to $100.00 and gave the company a “buy” rating in a research note on Friday, May 31st. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $85.50.
Check Out Our Latest Analysis on Marvell Technology
Marvell Technology Stock Performance
The stock has a market cap of $57.57 billion, a price-to-earnings ratio of -58.86, a PEG ratio of 3.23 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. The company’s 50 day simple moving average is $71.76 and its 200 day simple moving average is $69.70.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last released its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 EPS for the quarter, meeting the consensus estimate of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to analysts’ expectations of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. Marvell Technology’s quarterly revenue was down 12.2% on a year-over-year basis. During the same quarter last year, the company earned $0.17 EPS. On average, equities research analysts anticipate that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.
Marvell Technology Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, July 12th. This represents a $0.24 annualized dividend and a yield of 0.36%. Marvell Technology’s payout ratio is -21.24%.
Insider Activity
In other news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The shares were sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. In the last quarter, insiders sold 100,000 shares of company stock worth $7,255,235. Corporate insiders own 0.33% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently made changes to their positions in MRVL. Raymond James Trust N.A. increased its position in shares of Marvell Technology by 11.3% in the fourth quarter. Raymond James Trust N.A. now owns 14,678 shares of the semiconductor company’s stock worth $885,000 after acquiring an additional 1,496 shares in the last quarter. HB Wealth Management LLC increased its position in shares of Marvell Technology by 12.4% in the fourth quarter. HB Wealth Management LLC now owns 9,452 shares of the semiconductor company’s stock worth $570,000 after acquiring an additional 1,041 shares in the last quarter. SJS Investment Consulting Inc. increased its position in shares of Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 155 shares in the last quarter. Raymond James & Associates increased its position in shares of Marvell Technology by 29.0% in the fourth quarter. Raymond James & Associates now owns 920,632 shares of the semiconductor company’s stock worth $55,523,000 after acquiring an additional 206,872 shares in the last quarter. Finally, CVA Family Office LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth approximately $177,000. 83.51% of the stock is owned by hedge funds and other institutional investors.
About Marvell Technology
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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