Marvell Technology (NASDAQ:MRVL) Rating Increased to Hold at StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research note released on Saturday.

A number of other research firms have also recently commented on MRVL. Barclays increased their price target on Marvell Technology from $70.00 to $75.00 and gave the company an overweight rating in a research note on Tuesday, January 16th. Summit Insights raised Marvell Technology from a hold rating to a buy rating in a report on Friday, March 8th. Morgan Stanley increased their price objective on Marvell Technology from $63.00 to $84.00 and gave the company an equal weight rating in a report on Thursday, March 7th. UBS Group increased their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a buy rating in a report on Monday, February 26th. Finally, B. Riley reissued a buy rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Two investment analysts have rated the stock with a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $81.13.

Marvell Technology Trading Up 1.6 %

Marvell Technology stock opened at $63.86 on Friday. The stock has a 50-day moving average of $69.97 and a two-hundred day moving average of $62.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. Marvell Technology has a one year low of $36.90 and a one year high of $85.76. The stock has a market cap of $55.30 billion, a PE ratio of -59.13, a price-to-earnings-growth ratio of 4.54 and a beta of 1.50.

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 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 company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period last year, the business posted $0.34 earnings per share. The firm’s revenue was up .6% compared to the same quarter last year. On average, research analysts anticipate that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be given a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.38%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

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

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,000 shares of the firm’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 transaction, the chief financial officer now owns 101,986 shares in the company, valued at $7,291,999. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on 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 in the company, valued at $7,291,999. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction that occurred on Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,477,515 over the last quarter. 0.45% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in Marvell Technology during the fourth quarter worth $511,215,000. Matrix Capital Management Company LP increased its stake in Marvell Technology by 54.3% during 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 during the last quarter. Brown Advisory Inc. increased its stake in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the last quarter. Aspex Management HK Ltd increased its stake in Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after acquiring an additional 2,908,912 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in Marvell Technology by 43.7% during 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 acquiring an additional 2,142,391 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

About Marvell Technology

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.