Marvell Technology (NASDAQ:MRVL) Trading Down 0.5%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded down 0.5% during mid-day trading on Wednesday . The stock traded as low as $67.74 and last traded at $68.36. 1,431,344 shares were traded during trading, a decline of 89% from the average session volume of 13,511,523 shares. The stock had previously closed at $68.68.

Analysts Set New Price Targets

MRVL has been the subject of a number of research analyst reports. UBS Group raised their price target on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Raymond James upped their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. 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 note on Monday, April 8th. Morgan Stanley boosted their price objective 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. Finally, Oppenheimer restated an “outperform” rating and issued a $80.00 target price (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Two equities research analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. 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 Down 0.8 %

The business’s fifty day moving average price is $69.87 and its two-hundred day moving average price is $63.48. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The firm has a market capitalization of $58.98 billion, a P/E ratio of -63.30, a PEG ratio of 5.01 and a beta of 1.48.

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

Marvell Technology Dividend Announcement

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

Marvell Technology announced that its Board of Directors has authorized a share buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $66.17, for a total value of $1,985,100.00. Following the completion of the transaction, the chief executive officer now owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 110,500 shares of company stock worth $7,473,805. Insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently modified their holdings of MRVL. Cambridge Investment Research Advisors Inc. boosted its holdings in Marvell Technology by 12.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock valued at $3,903,000 after purchasing an additional 8,263 shares during the last quarter. Raymond James Financial Services Advisors Inc. boosted its stake in shares of Marvell Technology by 12.1% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 202,043 shares of the semiconductor company’s stock worth $10,937,000 after buying an additional 21,845 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Marvell Technology by 1.2% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 173,448 shares of the semiconductor company’s stock worth $9,389,000 after buying an additional 2,019 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in Marvell Technology during the third quarter worth about $31,000. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in Marvell Technology by 7.4% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,561,501 shares of the semiconductor company’s stock valued at $84,524,000 after acquiring an additional 107,808 shares in the last quarter. Institutional investors and hedge funds 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.