Marvell Technology (NASDAQ:MRVL) Shares Up 0.2%

Marvell Technology, Inc. (NASDAQ:MRVL) shot up 0.2% on Wednesday . The stock traded as high as $74.16 and last traded at $73.41. 1,536,832 shares were traded during trading, a decline of 88% from the average session volume of 13,128,646 shares. The stock had previously closed at $73.30.

Wall Street Analyst Weigh In

Several research firms have weighed in on MRVL. Evercore ISI assumed coverage on Marvell Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $88.00 target price for the company. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Rosenblatt Securities reiterated a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Finally, StockNews.com downgraded Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday, May 15th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $81.28.

Marvell Technology Stock Up 2.2 %

The company has a market cap of $66.36 billion, a P/E ratio of -71.67, a PEG ratio of 3.70 and a beta of 1.48. The stock’s 50-day moving average price is $69.04 and its 200-day moving average price is $65.17. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly 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. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter last year, the firm earned $0.34 EPS. The firm’s revenue for the quarter was up .6% compared to the same quarter last year. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.73 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.31%. Marvell Technology’s payout ratio is -22.22%.

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

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the transaction, the chief executive officer now owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, March 14th. The shares were sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the transaction, the chief executive officer now owns 732,929 shares of the company’s stock, valued at approximately $48,497,911.93. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. In the last quarter, insiders have sold 110,500 shares of company stock valued at $7,522,055. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently modified their holdings of the stock. Buck Wealth Strategies LLC grew its stake in Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 425 shares in the last quarter. SJS Investment Consulting Inc. grew its stake in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC grew its stake in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares in the last quarter. Oliver Lagore Vanvalin Investment Group grew its stake in Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $31,000 after buying an additional 165 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in Marvell Technology in the 1st quarter valued at approximately $31,000. Hedge funds and other institutional investors 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.