Marvell Technology (NASDAQ:MRVL) Now Covered by Evercore ISI

Evercore ISI began coverage on shares of Marvell Technology (NASDAQ:MRVL) in a report released on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $88.00 target price on the semiconductor company’s stock.

Several other equities research analysts have also issued reports on the company. Oppenheimer reiterated an outperform rating and set a $80.00 price target (up from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Rosenblatt Securities reiterated a buy rating and set a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. Needham & Company LLC reiterated a buy rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Barclays raised their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an overweight rating in a research note on Tuesday, January 16th. Finally, StockNews.com downgraded Marvell Technology from a hold rating to a sell rating in a research note on Friday, April 12th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, the stock presently has an average rating of Moderate Buy and an average price target of $81.13.

Marvell Technology Trading Down 4.8 %

Shares of NASDAQ MRVL opened at $62.13 on Tuesday. Marvell Technology has a one year low of $36.90 and a one year high of $85.76. The firm has a market capitalization of $53.80 billion, a PE ratio of -57.53, a PEG ratio of 4.86 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The business has a 50-day moving average price of $70.12 and a two-hundred day moving average price of $62.20.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology announced that its board has initiated a share repurchase plan on Thursday, March 7th that permits the company to buyback $3.00 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 108,000 shares of company stock worth $7,315,640. Company insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors have recently bought and sold shares of the stock. Quilter Plc acquired a new stake in Marvell Technology in the 1st quarter valued at $248,250,000. Bruce G. Allen Investments LLC boosted its stake in Marvell Technology by 56.4% in the first 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 in the last quarter. SRS Capital Advisors Inc. boosted its stake in Marvell Technology by 216.2% in the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 281 shares in the last quarter. SJS Investment Consulting Inc. boosted 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 worth $26,000 after purchasing an additional 155 shares in the last quarter. Finally, Buck Wealth Strategies LLC boosted its stake in Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares in the last quarter. Institutional investors and hedge funds 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.