Marvell Technology (NASDAQ:MRVL) Shares Up 3.8%

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 3.8% during mid-day trading on Thursday . The stock traded as high as $67.55 and last traded at $67.34. Approximately 2,673,162 shares were traded during trading, a decline of 81% from the average daily volume of 13,886,815 shares. The stock had previously closed at $64.85.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on MRVL shares. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Rosenblatt Securities restated a “buy” rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. KeyCorp reduced their price target on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. Evercore ISI initiated coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price for the company. Finally, B. Riley reissued a “buy” rating and issued a $95.00 price target (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Up 4.1 %

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 firm’s fifty day moving average price is $69.80 and its 200-day moving average price is $62.48. The company has a market cap of $58.44 billion, a price-to-earnings ratio of -62.01, a price-to-earnings-growth ratio of 4.67 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (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 firm had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the previous year, the firm earned $0.34 earnings per share. The company’s revenue was up .6% on a year-over-year basis. Sell-side analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology’s payout ratio is -22.22%.

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

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the business’s 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 directly owns 21,266 shares in the company, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,477,515 over the last quarter. 0.45% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several hedge funds have recently added to or reduced their stakes in the company. FMR LLC increased its stake in shares of Marvell Technology by 0.3% in the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. increased its position in Marvell Technology by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after purchasing an additional 1,890,753 shares in the last quarter. Capital Research Global Investors lifted its stake in Marvell Technology by 0.5% in the 4th quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after purchasing an additional 185,479 shares during the last quarter. Matrix Capital Management Company LP grew its stake in shares of Marvell Technology by 14.3% during the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after buying an additional 1,888,676 shares during the last quarter. Finally, Brown Advisory Inc. grew its stake in shares of 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 buying an additional 3,036,495 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.