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

Marvell Technology, Inc. (NASDAQ:MRVL) shares hit a new 52-week high during 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 traded. The stock had previously closed at $92.24.

A number of other research firms have also recently commented on MRVL. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. Bank of America lifted their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research note on Friday, August 30th. The Goldman Sachs Group increased their price target on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Loop Capital assumed coverage on Marvell Technology in a research report on Monday, November 11th. They set a “hold” rating and a $95.00 target price for the company. Three equities research 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 stock. According to MarketBeat, Marvell Technology currently has an average 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 firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 20.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the completion of the sale, the chief financial officer now directly owns 111,753 shares of the company’s stock, valued at approximately $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 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 large investors have recently modified their holdings of MRVL. Peapack Gladstone Financial Corp grew its position 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 worth $1,681,000 after buying an additional 5,005 shares during the last quarter. Synovus Financial Corp increased its position in Marvell Technology by 60.5% during the 3rd quarter. Synovus Financial Corp now owns 6,489 shares of the semiconductor company’s stock valued at $468,000 after buying an additional 2,445 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in Marvell Technology in the third quarter valued at about $3,432,000. World Investment Advisors LLC boosted its holdings in Marvell Technology by 1.4% in the third quarter. World Investment Advisors LLC now owns 40,366 shares of the semiconductor company’s stock worth $2,911,000 after acquiring an additional 560 shares in the last quarter. Finally, Sanctuary Advisors LLC grew its stake in shares of 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 acquiring an additional 22,382 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Trading Up 1.0 %

The stock has a market cap of $82.54 billion, a price-to-earnings ratio of -83.10, a P/E/G ratio of 4.02 and a beta of 1.44. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company’s fifty day moving average price is $81.05 and its 200-day moving average price is $73.76.

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

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.26%. The ex-dividend date was Friday, October 11th. 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.