Marvell Technology (NASDAQ:MRVL) Shares Gap Up to $68.26

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $68.26, but opened at $71.55. Marvell Technology shares last traded at $72.37, with a volume of 6,375,413 shares traded.

Analyst Ratings Changes

A number of equities analysts have commented on the company. B. Riley reaffirmed 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. UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. Needham & Company LLC reissued a “buy” rating and set a $65.00 target price on shares of Marvell Technology in a research note on Friday, December 1st. Raymond James boosted their target price on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Finally, Barclays boosted their target price on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a research note on Tuesday, January 16th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $75.75.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The business has a 50-day simple moving average of $69.80 and a 200 day simple moving average of $60.40. The firm has a market cap of $61.38 billion, a PE ratio of -65.63, a PEG ratio of 5.31 and a beta of 1.51.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.34 earnings per share. Equities research analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

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

Insider Activity

In other news, Director Ford Tamer sold 30,000 shares of the stock in a transaction that occurred on Monday, January 8th. The stock was sold at an average price of $60.20, for a total value of $1,806,000.00. Following the sale, the director now directly owns 40,403 shares in the company, valued at $2,432,260.60. The sale was disclosed in a document filed with the SEC, which is available at this link. In other Marvell Technology news, Director Ford Tamer sold 30,000 shares of the firm’s stock in a transaction on Monday, January 8th. The stock was sold at an average price of $60.20, for a total transaction of $1,806,000.00. Following the transaction, the director now directly owns 40,403 shares in the company, valued at approximately $2,432,260.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Tuesday, January 16th. The stock was sold at an average price of $65.26, for a total value of $326,300.00. Following the transaction, the executive vice president now owns 124,117 shares in the company, valued at $8,099,875.42. The disclosure for this sale can be found here. Insiders sold 138,000 shares of company stock valued at $8,983,290 in the last ninety days. Insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Quilter Plc acquired a new stake in shares of Marvell Technology in the 1st quarter worth $248,250,000. SRS Capital Advisors Inc. raised its stake in shares of Marvell Technology by 216.2% in the second quarter. SRS Capital Advisors Inc. now owns 411 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 281 shares in the last quarter. West Tower Group LLC acquired a new stake in shares of Marvell Technology in the second quarter valued at $25,000. SJS Investment Consulting Inc. raised its stake in shares of Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares in the last quarter. Finally, Buck Wealth Strategies LLC raised its stake in shares of Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 425 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other 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.