Marvell Technology (NASDAQ:MRVL) Trading 2.5% Higher

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 2.5% during trading on Thursday . The company traded as high as $65.89 and last traded at $65.39. Approximately 2,216,022 shares changed hands during mid-day 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 Analyst Weigh In

Several research firms have issued reports on MRVL. Stifel Nicolaus restated a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Citigroup reissued a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research note on Wednesday, March 27th. Raymond James raised their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a research note on Friday, January 19th. B. Riley reissued a “buy” rating and issued a $95.00 price target (up from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Finally, Morgan Stanley boosted their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the stock. According to data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Stock Up 2.8 %

The stock’s 50-day simple moving average is $69.85 and its 200-day simple moving average is $63.06. 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 has a market capitalization of $59.33 billion, a P/E ratio of -63.43, a P/E/G ratio of 4.88 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results 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 business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology’s quarterly revenue was up .6% compared to the same quarter last year. During the same period last year, the company posted $0.34 earnings per share. As a group, research analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its Board of Directors has initiated a stock buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the sale, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The transaction was disclosed in a legal filing 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 that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the transaction, the chief financial officer now owns 102,986 shares of the company’s stock, valued at $6,981,420.94. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Friday, April 19th. The shares were 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 directly owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,500 shares of company stock valued at $7,473,805. 0.45% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the business. Commonwealth Equity Services LLC grew its stake in Marvell Technology by 6.1% in the 3rd 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 holdings in shares of Marvell Technology by 12.9% in the 3rd quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock worth $3,903,000 after purchasing an additional 8,263 shares in the last quarter. Robeco Institutional Asset Management B.V. increased its position in shares of Marvell Technology by 59.8% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock valued at $4,761,000 after purchasing an additional 32,908 shares during the last quarter. Xponance Inc. raised its stake in shares of Marvell Technology by 10.1% during the third 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 in the last quarter. Finally, Raymond James & Associates raised its position in Marvell Technology by 5.8% in the 3rd quarter. Raymond James & Associates now owns 713,760 shares of the semiconductor company’s stock worth $38,636,000 after purchasing an additional 39,299 shares during the period. 83.51% of the stock is currently owned by institutional investors.

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.