Marvell Technology (NASDAQ:MRVL) Trading Up 2.5%

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were up 2.5% during mid-day trading on Thursday . The stock traded as high as $65.89 and last traded at $65.39. 2,216,022 shares were traded during trading, a decline of 84% from the average daily volume of 13,736,675 shares. The stock had previously closed at $63.82.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Raymond James upped their price target on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Sunday. TD Cowen increased their price objective on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a research report on Friday, March 8th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a report on Monday, March 4th. Finally, Citigroup reiterated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a report on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Price Performance

The stock has a market capitalization of $57.74 billion, a P/E ratio of -60.98, a price-to-earnings-growth ratio of 4.82 and a beta of 1.48. The business’s 50 day simple moving average is $69.90 and its two-hundred day simple moving average is $62.93. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

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

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. Marvell Technology’s dividend payout ratio is currently -22.22%.

Marvell Technology announced that its Board of Directors has initiated a share buyback program on Thursday, March 7th that permits the company to repurchase $3.00 billion in shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction that occurred on 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 $7,291,999. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 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 transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. 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 stock in a transaction dated Monday, April 1st. The stock was sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,473,805 in the last 90 days. 0.45% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Simplicity Solutions LLC lifted its holdings in Marvell Technology by 2.6% during the 3rd quarter. Simplicity Solutions LLC now owns 11,635 shares of the semiconductor company’s stock worth $630,000 after purchasing an additional 290 shares in the last quarter. Commonwealth Equity Services LLC lifted its holdings in shares of Marvell Technology by 6.1% in the third quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock worth $10,330,000 after buying an additional 10,916 shares in the last quarter. Cambridge Investment Research Advisors Inc. boosted its position in shares of Marvell Technology by 12.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock valued at $3,903,000 after acquiring an additional 8,263 shares during the period. Robeco Institutional Asset Management B.V. grew its stake in Marvell Technology by 59.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock valued at $4,761,000 after acquiring an additional 32,908 shares in the last quarter. Finally, Xponance Inc. increased its holdings in Marvell Technology by 10.1% during the 3rd quarter. Xponance Inc. now owns 33,043 shares of the semiconductor company’s stock worth $1,789,000 after acquiring an additional 3,028 shares during the period. 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.