Marvell Technology (NASDAQ:MRVL) Shares Up 2.3%

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 2.3% during trading on Friday . The company traded as high as $76.99 and last traded at $76.71. Approximately 2,240,911 shares were traded during trading, a decline of 83% from the average daily volume of 13,108,458 shares. The stock had previously closed at $75.02.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research analyst reports. Morgan Stanley increased their price target on Marvell Technology from $63.00 to $84.00 and gave the company an “equal weight” rating in a research report on Thursday, March 7th. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Citigroup reissued a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Finally, B. Riley reissued a “buy” rating and issued a $95.00 target price (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have given a buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $81.28.

Marvell Technology Stock Up 2.4 %

The company has a market cap of $66.49 billion, a P/E ratio of -71.67, a price-to-earnings-growth ratio of 3.70 and a beta of 1.48. The company has a 50 day moving average of $69.04 and a 200-day moving average of $65.17. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

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, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the company posted $0.34 earnings per share. The company’s revenue was up .6% compared to the same quarter last year. On average, equities analysts predict that Marvell Technology, Inc. will post 0.73 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.31%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Marvell Technology announced that its Board of Directors has initiated a stock 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 reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are usually an indication that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $66.44, for a total value of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares in the company, valued at $7,581,933.48. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $66.44, for a total transaction of $332,200.00. Following the transaction, the executive vice president now owns 114,117 shares in the company, valued at approximately $7,581,933.48. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the transaction, the chief executive officer now owns 732,929 shares in the company, valued at approximately $48,497,911.93. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,522,055 over the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of MRVL. Buck Wealth Strategies LLC grew its holdings in shares of Marvell Technology by 1,328.1% during the 3rd 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 period. SJS Investment Consulting Inc. grew its holdings in shares of Marvell Technology by 56.8% during the 4th 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 period. Bruce G. Allen Investments LLC grew its holdings in shares of Marvell Technology by 56.4% during the 1st 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 period. Oliver Lagore Vanvalin Investment Group grew its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the period. Finally, Salomon & Ludwin LLC purchased a new position in shares of Marvell Technology during the 1st quarter worth approximately $31,000. 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.