Marvell Technology (NASDAQ:MRVL) Trading Up 0.7%

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 0.7% during trading on Thursday . The stock traded as high as $68.78 and last traded at $68.61. Approximately 3,270,632 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 13,454,891 shares. The stock had previously closed at $68.11.

Wall Street Analyst Weigh In

Several research analysts recently commented on MRVL shares. Morgan Stanley lifted their price target on Marvell Technology from $63.00 to $84.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 7th. Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. B. Riley reissued a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Cantor Fitzgerald reissued an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Roth Mkm reissued a “buy” rating and issued a $95.00 price objective 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. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Down 0.6 %

The company’s fifty day simple moving average is $69.88 and its 200-day simple moving average is $63.51. 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 firm has a market capitalization of $58.61 billion, a PE ratio of -63.53, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting analysts’ consensus estimates 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 negative net margin of 16.95% and a positive return on equity of 4.96%. The business’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.34 earnings per share. On average, analysts forecast that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Announces Dividend

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

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

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the sale, the chief financial officer now directly owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In other Marvell Technology 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 transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now directly owns 110,218 shares in the company, valued at $7,107,958.82. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,473,805 in the last ninety days. 0.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of MRVL. Massachusetts Financial Services Co. MA increased its holdings in shares of Marvell Technology by 43.7% during the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. Fred Alger Management LLC increased its holdings in Marvell Technology by 2.4% in the 3rd 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 last quarter. NewEdge Wealth LLC increased its holdings in Marvell Technology by 15.6% in the 3rd 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 last quarter. Montag A & Associates Inc. increased its holdings in Marvell Technology by 15.8% in the 3rd 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 last quarter. Finally, Scotia Capital Inc. increased its holdings in Marvell Technology by 8.0% in the 3rd quarter. Scotia Capital Inc. now owns 4,872 shares of the semiconductor company’s stock valued at $264,000 after purchasing an additional 361 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.