Marvell Technology (NASDAQ:MRVL) Trading Up 1.8%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded up 1.8% during mid-day trading on Friday . The company traded as high as $69.38 and last traded at $67.88. 2,596,699 shares changed hands during mid-day trading, a decline of 81% from the average session volume of 13,733,070 shares. The stock had previously closed at $66.67.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several recent analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Raymond James raised 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. 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. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. Finally, StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Sunday, April 28th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Price Performance

The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The business’s fifty day moving average is $69.85 and its 200 day moving average is $63.06. The company has a market cap of $59.33 billion, a P/E ratio of -63.44, a PEG ratio of 4.67 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last issued its 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 firm 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 business’s revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 earnings per share. As a group, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were paid a $0.06 dividend. The ex-dividend date was Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology declared that its board has approved a stock buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the transaction, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. In the last ninety days, insiders sold 110,500 shares of company stock worth $7,473,805. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Commonwealth Equity Services LLC lifted its position in Marvell Technology by 6.1% during the third quarter. Commonwealth Equity Services LLC now owns 190,841 shares of the semiconductor company’s stock valued at $10,330,000 after purchasing an additional 10,916 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Marvell Technology by 12.9% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 72,103 shares of the semiconductor company’s stock valued at $3,903,000 after acquiring an additional 8,263 shares during the last quarter. Robeco Institutional Asset Management B.V. raised its position in Marvell Technology by 59.8% during the third quarter. Robeco Institutional Asset Management B.V. now owns 87,962 shares of the semiconductor company’s stock valued at $4,761,000 after purchasing an additional 32,908 shares in the last quarter. Xponance Inc. lifted its stake in Marvell Technology by 10.1% during the third quarter. Xponance Inc. now owns 33,043 shares of the semiconductor company’s stock worth $1,789,000 after purchasing an additional 3,028 shares during the last quarter. Finally, Raymond James & Associates boosted its holdings in shares of Marvell Technology by 5.8% in the 3rd quarter. Raymond James & Associates now owns 713,760 shares of the semiconductor company’s stock worth $38,636,000 after purchasing an additional 39,299 shares in the last quarter. 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.