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

Marvell Technology, Inc. (NASDAQ:MRVL) reached a new 52-week high during mid-day trading on Tuesday after Wells Fargo & Company raised their price target on the stock from $90.00 to $110.00. Wells Fargo & Company currently has an overweight 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.

Several other analysts have also commented on the stock. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. Benchmark lifted their price target on shares of Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Oppenheimer increased their price objective on Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday. Evercore ISI boosted their target price on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Three investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $93.43.

Insiders Place Their Bets

In other news, Director Ford Tamer sold 92,000 shares of the company’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This represents a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 over the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. True Wealth Design LLC grew its stake in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. Strategic Investment Solutions Inc. IL purchased a new stake in shares of Marvell Technology in the 2nd quarter worth about $32,000. Quarry LP bought a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Whittier Trust Co. lifted its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after acquiring an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new stake in Marvell Technology during the third quarter worth about $37,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Trading Up 1.0 %

The stock’s fifty day simple moving average is $81.05 and its two-hundred day simple moving average is $73.76. The firm has a market cap of $82.54 billion, a PE ratio of -83.10, a PEG ratio of 4.02 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

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

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. The ex-dividend date of this dividend was Friday, October 11th. 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.