Marvell Technology (NASDAQ:MRVL) Reaches New 52-Week High Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shares reached a new 52-week high during trading on Tuesday after Susquehanna raised their price target on the stock from $95.00 to $110.00. Susquehanna currently has a positive rating on the stock. Marvell Technology traded as high as $95.55 and last traded at $93.14, with a volume of 8987860 shares. The stock had previously closed at $92.24.

MRVL has been the subject of several other reports. Oppenheimer upped their price objective on Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research report on Tuesday. Bank of America increased their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a report on Friday, August 30th. TD Cowen upgraded shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley increased their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, Rosenblatt Securities increased their price target on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Three analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $95.39.

Insider Activity at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the sale, the director now directly owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.87, for a total transaction of $110,805.00. Following the transaction, the chief financial officer now owns 111,753 shares of the company’s stock, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 267,000 shares of company stock worth $20,899,260 over the last 90 days. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several large investors have recently modified their holdings of MRVL. State Street Corp lifted its stake in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC raised its holdings in shares of Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Marvell Technology by 4.3% in the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Down 3.3 %

The firm’s 50 day moving average is $81.45 and its two-hundred day moving average is $73.93. The stock has a market cap of $79.85 billion, a price-to-earnings ratio of -83.91, a P/E/G ratio of 4.01 and a beta of 1.44. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The company’s revenue was down 5.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.18 earnings per share. On average, sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.27%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

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.