Marvell Technology (NASDAQ:MRVL) Raised to Hold at StockNews.com

Marvell Technology (NASDAQ:MRVL) was upgraded by equities research analysts at StockNews.com from a “sell” rating to a “hold” rating in a report issued on Tuesday.

A number of other research firms have also recently commented on MRVL. Morgan Stanley increased their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a report on Thursday, March 7th. Barclays raised their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research report on Tuesday, January 16th. KeyCorp lowered their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a report on Monday, April 8th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Finally, Raymond James upped their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Two equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Price Performance

NASDAQ:MRVL traded down $1.14 during mid-day trading on Tuesday, reaching $68.68. The stock had a trading volume of 6,449,670 shares, compared to its average volume of 13,650,176. The stock has a 50-day simple moving average of $69.87 and a two-hundred day simple moving average of $63.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. Marvell Technology has a 12 month low of $39.23 and a 12 month high of $85.76. The stock has a market capitalization of $59.48 billion, a PE ratio of -63.59, a P/E/G ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the company posted $0.34 EPS. The company’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current year.

Marvell Technology declared that its Board of Directors has authorized a share repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the transaction, the executive vice president now owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the sale, the chief financial officer now owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,473,805 over the last quarter. Company insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently made changes to their positions in the stock. Buck Wealth Strategies LLC increased its position in Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 425 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Bruce G. Allen Investments LLC increased its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares in the last quarter. BluePath Capital Management LLC acquired a new position in shares of Marvell Technology during the third quarter worth approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group lifted its holdings in shares of Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.