Marvell Technology (NASDAQ:MRVL) Stock Price Down 0.2%

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded down 0.2% during mid-day trading on Friday . The company traded as low as $74.11 and last traded at $74.12. 2,144,977 shares traded hands during trading, a decline of 83% from the average session volume of 12,566,529 shares. The stock had previously closed at $74.30.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. Oppenheimer reiterated an “outperform” rating and set a $90.00 price target (up from $80.00) on shares of Marvell Technology in a research note on Friday, May 31st. Evercore ISI upped their price objective on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research note on Friday, August 30th. KeyCorp upped their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research note on Tuesday, July 9th. Stifel Nicolaus reaffirmed a “buy” rating and set a $95.00 price target (up previously from $90.00) on shares of Marvell Technology in a research note on Friday, August 30th. Finally, B. Riley raised their target price 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 analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Performance

The company has a market capitalization of $65.80 billion, a P/E ratio of -65.44, a PEG ratio of 3.29 and a beta of 1.46. The stock’s fifty day moving average price is $68.21 and its 200-day moving average price is $69.73. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last announced its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s revenue for the quarter was down 5.1% on a year-over-year basis. During the same period last year, the firm earned $0.18 earnings per share. As a group, research analysts anticipate that Marvell Technology, Inc. will post 0.77 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 31st. Stockholders of record on Friday, July 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.32%. The ex-dividend date was Friday, July 12th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the transaction, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Marvell Technology news, insider Muhammad Raghib Hussain sold 50,000 shares of Marvell Technology stock in a transaction that occurred on Monday, July 8th. The stock was sold at an average price of $75.00, for a total value of $3,750,000.00. Following the transaction, the insider now directly owns 838,571 shares of the company’s stock, valued at approximately $62,892,825. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total value of $367,100.00. Following the transaction, the executive vice president now directly owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The disclosure for this sale can be found here. Over the last three months, insiders sold 65,500 shares of company stock worth $4,872,620. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently bought and sold shares of the company. Sanctuary Advisors LLC purchased a new stake in shares of Marvell Technology during the 2nd quarter worth approximately $3,665,000. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology in the second quarter valued at $32,000. Clearbridge Investments LLC increased its holdings in Marvell Technology by 3.0% in the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after acquiring an additional 150,109 shares in the last quarter. New Century Financial Group LLC boosted its stake in Marvell Technology by 46.4% during the 2nd quarter. New Century Financial Group LLC now owns 5,272 shares of the semiconductor company’s stock worth $369,000 after purchasing an additional 1,670 shares during the last quarter. Finally, Cetera Investment Advisers boosted its stake in Marvell Technology by 13.4% during the second quarter. Cetera Investment Advisers now owns 199,109 shares of the semiconductor company’s stock worth $13,918,000 after buying an additional 23,591 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

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.