Marvell Technology (NASDAQ:MRVL) Upgraded to Hold by StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research report report published on Tuesday.

Several other equities analysts have also weighed in on the company. TD Cowen increased their target price on Marvell Technology from $75.00 to $90.00 and gave the company an outperform rating in a research note on Friday, March 8th. B. Riley reissued a buy rating and set a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. KeyCorp lowered their target price on shares of Marvell Technology from $95.00 to $90.00 and set an overweight rating for the company in a research note on Monday, April 8th. Needham & Company LLC reissued a buy rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Raymond James upped their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the company an outperform rating in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of Moderate Buy and an average price target of $81.13.

Marvell Technology Stock Performance

MRVL stock opened at $68.68 on Tuesday. The stock has a market capitalization of $59.48 billion, a PE ratio of -63.59, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48. 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 has a 50 day moving average price of $69.87 and a 200 day moving average price of $63.48. Marvell Technology has a fifty-two week low of $39.23 and a fifty-two week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion for 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 firm’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.34 earnings per share. Analysts forecast that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology declared that its board has approved 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 repurchase up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders 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 of this dividend was Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the sale, the chief financial officer now directly owns 102,986 shares in the company, valued at $6,981,420.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the completion of the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the sale, the chief financial officer now owns 102,986 shares in the company, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,473,805 in the last quarter. 0.45% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Bruce G. Allen Investments LLC raised its holdings 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 during the last quarter. Trueblood Wealth Management LLC grew its position in shares of Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after buying an additional 152 shares during the last quarter. SJS Investment Consulting Inc. raised its position in shares of Marvell Technology by 56.8% during 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. Blue Trust Inc. lifted its stake in shares of Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 155 shares during the period. Finally, Versant Capital Management Inc boosted its holdings in Marvell Technology by 34.7% in the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 161 shares during the last quarter. 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.