Marvell Technology (NASDAQ:MRVL) Trading Up 6.3%

Marvell Technology, Inc. (NASDAQ:MRVLGet Rating) was up 6.3% on Wednesday . The stock traded as high as $48.17 and last traded at $48.13. Approximately 582,371 shares traded hands during mid-day trading, a decline of 94% from the average daily volume of 10,471,383 shares. The stock had previously closed at $45.29.

Wall Street Analysts Forecast Growth

MRVL has been the subject of several recent research reports. Exane BNP Paribas initiated coverage on Marvell Technology in a research note on Tuesday, September 13th. They issued an “outperform” rating for the company. Cowen decreased their target price on Marvell Technology from $100.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, May 27th. Raymond James restated a “buy” rating and set a $80.00 target price on shares of Marvell Technology in a research note on Friday, May 27th. Citigroup decreased their target price on Marvell Technology from $78.00 to $74.00 and set a “buy” rating for the company in a research note on Monday, August 29th. Finally, Barclays decreased their target price on Marvell Technology from $80.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and twenty-eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus price target of $81.21.

Marvell Technology Trading Down 4.3 %

The stock has a 50-day simple moving average of $50.95 and a 200 day simple moving average of $55.56. The company has a current ratio of 1.35, a quick ratio of 0.93 and a debt-to-equity ratio of 0.25.

Marvell Technology (NASDAQ:MRVLGet Rating) last posted its earnings results on Thursday, August 25th. The semiconductor company reported $0.57 EPS for the quarter, topping analysts’ consensus estimates of $0.56 by $0.01. The company had revenue of $1.52 billion for the quarter, compared to the consensus estimate of $1.52 billion. Marvell Technology had a positive return on equity of 7.94% and a negative net margin of 3.95%. Marvell Technology’s quarterly revenue was up 41.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.21 earnings per share. On average, equities analysts anticipate that Marvell Technology, Inc. will post 1.61 earnings per share for the current year.

Insider Activity

In other news, EVP Mitchell Gaynor sold 5,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.67, for a total value of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at $5,508,888.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Mitchell Gaynor sold 5,000 shares of the company’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $47.67, for a total value of $238,350.00. Following the sale, the executive vice president now directly owns 115,563 shares in the company, valued at $5,508,888.21. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Dan Christman sold 14,000 shares of the company’s stock in a transaction on Wednesday, August 3rd. The shares were sold at an average price of $57.28, for a total value of $801,920.00. Following the completion of the sale, the executive vice president now owns 92,203 shares in the company, valued at $5,281,387.84. The disclosure for this sale can be found here. Insiders have sold 24,000 shares of company stock worth $1,279,020 over the last three months. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the business. MUFG Americas Holdings Corp lifted its position in Marvell Technology by 90.2% during the first quarter. MUFG Americas Holdings Corp now owns 369 shares of the semiconductor company’s stock worth $26,000 after buying an additional 175 shares during the period. SOA Wealth Advisors LLC. acquired a new stake in Marvell Technology during the first quarter worth about $32,000. Atticus Wealth Management LLC increased its stake in Marvell Technology by 62.2% during the first quarter. Atticus Wealth Management LLC now owns 459 shares of the semiconductor company’s stock worth $33,000 after acquiring an additional 176 shares during the last quarter. Mystic Asset Management Inc. acquired a new stake in Marvell Technology during the fourth quarter worth about $41,000. Finally, Credit Agricole S A acquired a new stake in Marvell Technology during the fourth quarter worth about $44,000. 80.95% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

(Get Rating)

Marvell Technology, Inc, together with its subsidiaries, designs, develops, and sells analog, mixed-signal, digital signal processing, and embedded and standalone integrated circuits. It offers a portfolio of Ethernet solutions, including controllers, network adapters, physical transceivers, and switches; single or multiple core processors; ASIC; and printer System-on-a-Chip products and application processors.

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