MRVL rockets past analyst targets after blowout print

The bull case is playing out in the data. Marvell's data centre segment grew roughly 9% sequentially, and the company guided for its interconnect business to expand more than 50% year-over-year in FY27. The prior earnings print, in early March, drove a 14.7% one-day gain and a further 12.3% over the following five sessions — investors already knew the pattern was powerful. Bears pointing to hyperscaler spending risk and a 0.38 PEG ratio have seen that valuation argument complicate: the trailing P/E has expanded to 46x and price-to-book to 10.5x, both moving sharply higher over the past 30 days. The EV/EBITDA of 37x is elevated but has barely moved on the week, suggesting the multiple expansion is being led by earnings sentiment rather than multiple drift.

Positioning tells a notably relaxed story given the scale of the move. Short interest is only 3.7% of the free float — up around 9% over the past month, but not at a level that creates meaningful squeeze dynamics. The ORTEX short score of 32 is well below any alarm threshold. Borrow costs have actually fallen sharply, dropping 36% over the week to just 0.16%, and availability is extraordinarily loose at roughly 7,463% of short interest — there are 863 million shares available to borrow against only 31.7 million currently shorted. No squeeze pressure exists here. The put/call ratio of 1.28 is running slightly above its 20-day average but is nowhere near the 52-week high of 1.39 — options traders are mildly cautious, not alarmed.

The insider register adds a layer of nuance. CEO Matt Murphy sold roughly $11.6 million of stock on May 20 — the same day he received a 117,742-share award — at $186.80. COO Chris Koopmans sold multiple tranches totalling nearly $8.3 million across May 1, May 15, and May 20, also coinciding with award grants. CFO Willem Meintjes sold $700k on May 15. The cluster of sells comes against a backdrop of simultaneously issued awards; the net 90-day insider position is actually positive at 606,000 shares, suggesting the gross sales are primarily award-related liquidations rather than a directional signal. The net value sold is significant at roughly $87 million, but the structure — sells alongside awards, spread across multiple executives — reads as planned compensation harvesting rather than an outright bearish signal from management.

Among correlated peers, AVGO gained just 0.3% on the week while MPWR added 11.9% and ON climbed 16% — both outpaced only by AEHR, which surged 31.5%. MRVL's 18% weekly advance put it comfortably above the sector median, though the broader semiconductor tape has clearly been running hot. With targets now spread across a $130 range — from Morgan Stanley's $172 to HSBC's $300 — the key question heading into the next session is how quickly the remaining cautious ratings revise, and whether the data centre guidance numbers hold up under analyst scrutiny in the days after the print.