Marvell Technology (NASDAQ:MRVL) Trading 3.8% Higher

Marvell Technology, Inc. (NASDAQ:MRVL) traded up 3.8% during trading on Thursday . The company traded as high as $67.55 and last traded at $67.34. 2,673,162 shares traded hands during mid-day trading, a decline of 81% from the average session volume of 13,886,815 shares. The stock had previously closed at $64.85.

Analyst Ratings Changes

A number of research analysts recently commented on the stock. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Citigroup reiterated a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research note on Wednesday, March 27th. Summit Insights upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Morgan Stanley increased their price target on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $86.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Two research analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Price 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 company’s 50 day moving average is $69.80 and its 200 day moving average is $62.51. The stock has a market cap of $60.29 billion, a price-to-earnings ratio of -64.46, a PEG ratio of 4.94 and a beta of 1.50.

Marvell Technology (NASDAQ:MRVL) last posted 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. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the firm posted $0.34 EPS. The firm’s revenue for the quarter was up .6% on a year-over-year basis. Research analysts forecast 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 will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

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

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,477,515 over the last ninety days. 0.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently modified their holdings of the stock. Buck Wealth Strategies LLC boosted its position 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 worth $25,000 after acquiring an additional 425 shares during the last quarter. SJS Investment Consulting Inc. boosted its position 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 worth $26,000 after acquiring an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC boosted its position in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the last quarter. BluePath Capital Management LLC acquired a new stake in shares of Marvell Technology in the third quarter worth approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group lifted its position in Marvell Technology by 46.2% during the fourth 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. 83.51% of the stock is owned by institutional investors and hedge funds.

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.