Marvell Technology (NASDAQ:MRVL) Hits New 52-Week High – What’s Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) hit a new 52-week high on Thursday . The company traded as high as $92.50 and last traded at $92.50, with a volume of 35613 shares traded. The stock had previously closed at $90.63.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent research reports. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Benchmark raised their price objective on shares of Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Finally, Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Up 2.2 %

The company has a market cap of $82.11 billion, a price-to-earnings ratio of -81.65, a P/E/G ratio of 3.67 and a beta of 1.44. The stock’s 50-day moving average is $76.04 and its 200-day moving average is $71.49. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate 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 negative net margin of 18.30% and a positive return on equity of 4.31%. The business’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $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 Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.26%. Marvell Technology’s dividend payout ratio is -21.62%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the sale, the chief financial officer now owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction that occurred 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 completion of the sale, the insider now directly owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the transaction, the chief financial officer now directly owns 113,253 shares in the company, valued at approximately $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock valued at $20,330,835 over the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth $32,000. Quarry LP bought a new stake in Marvell Technology in the 2nd quarter worth about $32,000. Mark Sheptoff Financial Planning LLC purchased a new stake in Marvell Technology in the 1st quarter valued at about $35,000. Whittier Trust Co. lifted its position in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares in the last quarter. Finally, Exchange Traded Concepts LLC boosted its stake in shares of Marvell Technology by 125.4% in the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock worth $44,000 after buying an additional 336 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.