Marvell Technology (NASDAQ:MRVL) Trading Up 6.2%

Marvell Technology, Inc. (NASDAQ:MRVL) rose 6.2% during mid-day trading on Wednesday . The stock traded as high as $72.66 and last traded at $72.47. Approximately 9,650,706 shares were traded during mid-day trading, a decline of 33% from the average daily volume of 14,467,830 shares. The stock had previously closed at $68.26.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on MRVL. Piper Sandler cut their price target on Marvell Technology from $75.00 to $70.00 and set an “overweight” rating on the stock in a report on Friday, December 1st. Citigroup reiterated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research note on Wednesday. B. Riley reissued a “buy” rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Susquehanna decreased their price objective on shares of Marvell Technology from $70.00 to $65.00 and set a “positive” rating for the company in a research report on Friday, December 1st. Finally, Benchmark reissued a “buy” rating and issued a $75.00 target price on shares of Marvell Technology in a report on Friday, December 1st. One analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have issued a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $75.75.

Marvell Technology Stock Performance

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 company has a market cap of $61.38 billion, a PE ratio of -65.63, a PEG ratio of 5.31 and a beta of 1.51. The stock has a 50 day simple moving average of $69.80 and a two-hundred day simple moving average of $60.40.

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

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

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

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Friday, January 5th. The stock was sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the sale, the chief financial officer now directly owns 99,730 shares of the company’s stock, valued at $5,983,800. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Friday, January 5th. The shares were sold at an average price of $60.00, for a total transaction of $60,000.00. Following the completion of the transaction, the chief financial officer now directly owns 99,730 shares of the company’s stock, valued at $5,983,800. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the sale, the executive vice president now owns 124,117 shares of the company’s stock, valued at approximately $8,099,875.42. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 138,000 shares of company stock worth $8,983,290. 0.45% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of MRVL. MetLife Investment Management LLC acquired a new position in shares of Marvell Technology during the 1st quarter worth $1,210,000. Yousif Capital Management LLC increased its holdings in Marvell Technology by 6.6% in the first quarter. Yousif Capital Management LLC now owns 14,918 shares of the semiconductor company’s stock valued at $1,070,000 after buying an additional 925 shares in the last quarter. Raymond James Trust N.A. boosted its stake in shares of Marvell Technology by 2.8% during the 1st quarter. Raymond James Trust N.A. now owns 12,780 shares of the semiconductor company’s stock worth $917,000 after acquiring an additional 344 shares in the last quarter. Cetera Investment Advisers grew its holdings in shares of Marvell Technology by 20.6% in the 1st quarter. Cetera Investment Advisers now owns 28,668 shares of the semiconductor company’s stock worth $2,056,000 after acquiring an additional 4,888 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in Marvell Technology by 35.5% during the first quarter. Sequoia Financial Advisors LLC now owns 5,099 shares of the semiconductor company’s stock worth $366,000 after purchasing an additional 1,337 shares during the last quarter. Hedge funds and other 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.