Marvell Technology (NASDAQ:MRVL) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reiterated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report released on Friday morning, Benzinga reports. The firm currently has a $95.00 target price on the semiconductor company’s stock.

MRVL has been the topic of a number of other research reports. Raymond James increased their price objective on Marvell Technology from $62.00 to $78.00 and gave the stock an outperform rating in a report on Friday, January 19th. Barclays raised their price target on Marvell Technology from $70.00 to $75.00 and gave the company an overweight rating in a report on Tuesday, January 16th. Rosenblatt Securities reissued a buy rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. Summit Insights raised Marvell Technology from a hold rating to a buy rating in a report on Friday, March 8th. Finally, UBS Group raised their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a buy rating in a report on Monday, February 26th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have assigned a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Moderate Buy and an average price target of $79.96.

Marvell Technology Stock Down 3.2 %

MRVL stock opened at $67.88 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a market capitalization of $58.78 billion, a price-to-earnings ratio of -62.85, a PEG ratio of 5.13 and a beta of 1.50. Marvell Technology has a fifty-two week low of $36.90 and a fifty-two week high of $85.76. The stock has a fifty day moving average of $70.40 and a 200-day moving average of $61.99.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate 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 quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.34 EPS. As a group, equities research analysts predict that Marvell Technology will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

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 paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s payout ratio is presently -22.22%.

Marvell Technology declared that its Board of Directors has initiated a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its shares are undervalued.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The stock was 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 owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction on Thursday, February 15th. The stock was 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 owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the completion of the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 73,000 shares of company stock worth $4,894,790. 0.45% of the stock is owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Massachusetts Financial Services Co. MA grew its holdings in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after acquiring an additional 2,142,391 shares during the period. Kingswood Wealth Advisors LLC grew its holdings in Marvell Technology by 328.3% during the third quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock valued at $1,296,000 after purchasing an additional 18,357 shares during the period. Fred Alger Management LLC grew its holdings in Marvell Technology by 2.4% during the third quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock valued at $218,499,000 after purchasing an additional 95,003 shares during the period. NewEdge Wealth LLC grew its holdings in Marvell Technology by 15.6% during the third quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock valued at $390,000 after purchasing an additional 973 shares during the period. Finally, Montag A & Associates Inc. grew its holdings in Marvell Technology by 15.8% during the third quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock valued at $3,510,000 after purchasing an additional 8,836 shares during the period. 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.