Marvell Technology (NASDAQ:MRVL) Shares Up 0.9%

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 0.9% on Monday . The stock traded as high as $69.97 and last traded at $69.12. 1,503,328 shares were traded during mid-day trading, a decline of 89% from the average session volume of 13,667,220 shares. The stock had previously closed at $68.51.

Analyst Ratings Changes

Several brokerages recently commented on MRVL. TD Cowen boosted their price target on Marvell Technology from $75.00 to $90.00 and gave the company an “outperform” rating in a research note on Friday, March 8th. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a report on Friday, April 12th. B. Riley reaffirmed a “buy” rating and set a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Morgan Stanley lifted their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research note on Thursday, March 7th. Finally, Barclays increased their price target on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Two equities research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Trading Down 0.8 %

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The business’s 50-day moving average price is $69.87 and its two-hundred day moving average price is $63.48. The company has a market capitalization of $58.98 billion, a P/E ratio of -63.06, a PEG ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 earnings per share. As a group, analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology declared that its Board of Directors has authorized a stock buyback plan on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale 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 business’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the sale, the chief financial officer now owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. In the last 90 days, insiders sold 110,500 shares of company stock worth $7,473,805. 0.45% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently modified their holdings of MRVL. Buck Wealth Strategies LLC grew its position in shares of 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 during the last quarter. SJS Investment Consulting Inc. increased its position in Marvell Technology by 56.8% during the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 155 shares during the period. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in shares of Marvell Technology during the third quarter worth $31,000. Finally, Oliver Lagore Vanvalin Investment Group raised its stake in Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.