Marvell Technology (NASDAQ:MRVL) Research Coverage Started at Evercore ISI

Evercore ISI started coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued to investors on Tuesday morning, MarketBeat reports. The firm issued an outperform rating and a $88.00 price target on the semiconductor company’s stock.

Several other brokerages have also commented on MRVL. Summit Insights upgraded shares of Marvell Technology from a hold rating to a buy rating in a research report on Friday, March 8th. Stifel Nicolaus reaffirmed a buy rating and set a $86.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Rosenblatt Securities reaffirmed a buy rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Roth Mkm reaffirmed a buy rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Citigroup reaffirmed a buy rating and set a $91.00 price target on shares of Marvell Technology in a research note on Wednesday, March 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company. According to MarketBeat, Marvell Technology presently has an average rating of Moderate Buy and an average target price of $81.13.

Marvell Technology Price Performance

Shares of NASDAQ MRVL opened at $65.24 on Tuesday. The firm has a market capitalization of $56.50 billion, a P/E ratio of -60.41, a PEG ratio of 4.99 and a beta of 1.50. Marvell Technology has a one year low of $36.90 and a one year high of $85.76. The company’s fifty day moving average is $70.25 and its two-hundred day moving average is $62.15. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVL) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.34 EPS. Analysts forecast that Marvell Technology will post 0.72 EPS for the current fiscal year.

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

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’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 value of $68,200.00. Following the completion of the transaction, the chief financial officer now owns 103,986 shares in the company, valued at approximately $7,091,845.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. In the last quarter, insiders sold 108,000 shares of company stock worth $7,315,640. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC boosted its holdings in Marvell Technology by 0.3% in the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after acquiring an additional 421,622 shares during the period. Vanguard Group Inc. raised its position in shares of Marvell Technology by 2.7% in the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after purchasing an additional 1,890,753 shares in the last quarter. Moneta Group Investment Advisors LLC raised its position in shares of Marvell Technology by 118,898.0% in the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after purchasing an additional 62,400,056 shares in the last quarter. Capital Research Global Investors raised its position in shares of 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 in the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Marvell Technology by 6.8% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 25,272,190 shares of the semiconductor company’s stock valued at $936,082,000 after purchasing an additional 1,603,857 shares in the last quarter. Hedge funds and other institutional investors 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.