Marvell Technology (NASDAQ:MRVL) Trading Up 0.9%

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 0.9% during mid-day trading on Monday . The company traded as high as $69.97 and last traded at $69.12. Approximately 1,503,328 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 13,667,220 shares. The stock had previously closed at $68.51.

Analyst Upgrades and Downgrades

Several equities analysts have recently commented on the stock. Oppenheimer reaffirmed an “outperform” rating and set a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Raymond James increased their price objective on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Morgan Stanley raised their price target on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Evercore ISI assumed coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price objective on the stock. Finally, Barclays raised their target price on shares of 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 assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Trading Down 0.8 %

The stock has a market cap of $58.98 billion, a P/E ratio of -63.06, a P/E/G ratio of 5.01 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The firm’s 50 day moving average price is $69.87 and its 200-day moving average price is $63.48.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data 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 business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the firm posted $0.34 EPS. The firm’s quarterly revenue was up .6% on a year-over-year basis. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology announced that its board has approved a stock repurchase program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now owns 102,986 shares in the company, valued at approximately $6,981,420.94. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the sale, the chief financial officer now owns 102,986 shares in the company, valued at $6,981,420.94. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock valued at $7,473,805. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Norges Bank bought a new position in Marvell Technology during the fourth quarter valued at $511,215,000. Matrix Capital Management Company LP grew its position in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock worth $712,720,000 after acquiring an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. increased its position in shares of Marvell Technology by 25.9% during the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd raised its holdings in Marvell Technology by 103.8% during the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after buying an additional 2,908,912 shares during the period. Finally, Massachusetts Financial Services Co. MA lifted its position in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.