Marvell Technology (NASDAQ:MRVL) Trading 9.2% Higher on Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose 9.2% during mid-day trading on Monday after StockNews.com upgraded the stock from a sell rating to a hold rating. The company traded as high as $79.00 and last traded at $76.24. Approximately 32,029,801 shares traded hands during mid-day trading, an increase of 155% from the average daily volume of 12,577,931 shares. The stock had previously closed at $69.84.

A number of other analysts have also recently commented on the company. Benchmark upped their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a research note on Friday. Bank of America increased their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a report on Friday. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a report on Friday. Rosenblatt Securities raised their price objective on Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday. Finally, Morgan Stanley boosted their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Marvell Technology news, Director Daniel Durn purchased 1,425 shares of the business’s stock in a transaction on Monday, June 24th. The stock was acquired at an average price of $70.21 per share, with a total value of $100,049.25. Following the acquisition, the director now directly owns 1,923 shares of the company’s stock, valued at approximately $135,013.83. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were 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. The disclosure for this sale can be found here. Insiders have sold 65,500 shares of company stock valued at $4,872,620 in the last 90 days. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC boosted its position in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. Salomon & Ludwin LLC acquired a new stake in Marvell Technology in the 1st quarter worth about $31,000. Quarry LP bought a new stake in Marvell Technology in the 2nd quarter valued at about $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Finally, Optimum Investment Advisors bought a new position in shares of Marvell Technology during the first quarter worth approximately $35,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 9.2 %

The company has a market capitalization of $65.99 billion, a price-to-earnings ratio of -67.47, a P/E/G ratio of 3.61 and a beta of 1.47. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.80 and a quick ratio of 1.24. The business’s 50-day moving average price is $68.12 and its two-hundred day moving average price is $69.54.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.26% 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 period in the prior year, the company posted $0.18 EPS. The company’s revenue was down 5.1% compared to the same quarter last year. Research analysts predict that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.31%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio is currently -21.24%.

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.