Marvell Technology (NASDAQ:MRVL) Reaches New 12-Month High After Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) reached a new 52-week high on Monday after Evercore ISI raised their price target on the stock from $98.00 to $122.00. Evercore ISI currently has an outperform rating on the stock. Marvell Technology traded as high as $97.63 and last traded at $96.73, with a volume of 4026360 shares traded. The stock had previously closed at $92.69.

A number of other brokerages have also recently issued reports on MRVL. Wells Fargo & Company lifted their price objective on Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday, November 26th. Barclays lifted their price target on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research report on Friday, August 30th. Loop Capital assumed coverage on shares of Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 price objective on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Finally, Oppenheimer increased their price target on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “outperform” rating in a report on Tuesday, November 26th. Three analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $96.43.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock worth $20,899,260 in the last three months. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Peapack Gladstone Financial Corp boosted its holdings in shares of Marvell Technology by 27.3% in the 3rd quarter. Peapack Gladstone Financial Corp now owns 23,312 shares of the semiconductor company’s stock valued at $1,681,000 after acquiring an additional 5,005 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock worth $468,000 after acquiring an additional 2,445 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Marvell Technology in the 3rd quarter valued at about $3,432,000. World Investment Advisors LLC raised its holdings in Marvell Technology by 1.4% in the 3rd quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock worth $2,911,000 after purchasing an additional 560 shares during the period. Finally, Sanctuary Advisors LLC boosted its position in Marvell Technology by 42.5% during the third quarter. Sanctuary Advisors LLC now owns 75,027 shares of the semiconductor company’s stock worth $5,411,000 after purchasing an additional 22,382 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

The company has a market capitalization of $84.62 billion, a price-to-earnings ratio of -87.14, a price-to-earnings-growth ratio of 4.03 and a beta of 1.44. The firm has a fifty day simple moving average of $82.50 and a 200 day simple moving average of $74.40. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

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

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors 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 dividend yield of 0.25%. Marvell Technology’s dividend payout ratio 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.