Marvell Technology (NASDAQ:MRVL) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report issued on Saturday morning.

A number of other equities analysts also recently commented on the stock. Summit Insights upgraded shares of Marvell Technology from a hold rating to a buy rating in a research note on Friday, March 8th. Needham & Company LLC reiterated a buy rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Barclays boosted their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an overweight rating in a research note on Tuesday, January 16th. Roth Mkm reiterated a buy rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, B. Riley reiterated a buy rating and set a $95.00 target price (up previously from $85.00) on shares of Marvell Technology in a research note on Monday, March 4th. Two 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, Marvell Technology has an average rating of Moderate Buy and an average target price of $81.13.

Marvell Technology Stock Performance

NASDAQ:MRVL opened at $62.88 on Friday. The company has a fifty day simple moving average of $69.97 and a two-hundred day simple moving average of $62.40. The company has a market cap of $54.45 billion, a price-to-earnings ratio of -58.22, a price-to-earnings-growth ratio of 4.54 and a beta of 1.50. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. Marvell Technology has a 52 week low of $36.90 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.34 earnings per share. As a group, equities analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current fiscal year.

Marvell Technology declared that its board has initiated a stock repurchase program on Thursday, March 7th that permits the company to buyback $3.00 billion in 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 typically a sign that the company’s leadership believes its stock is undervalued.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be issued a dividend of $0.06 per share. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.38%. Marvell Technology’s dividend payout ratio is currently -22.22%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the transaction, the executive vice president now directly owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Monday, April 15th. The shares were sold at an average price of $68.82, for a total value of $2,064,600.00. Following the sale, the chief executive officer now directly owns 716,545 shares in the company, valued at $49,312,626.90. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the 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 completion of the sale, the executive vice president now owns 21,266 shares in the company, valued at $1,376,973.50. The disclosure for this sale can be found here. Over the last three months, insiders sold 110,500 shares of company stock valued at $7,477,515. Corporate insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Several large investors have recently modified their holdings of the business. FMR LLC grew its position in shares of Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares during the last quarter. Vanguard Group Inc. boosted its position in Marvell Technology by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock worth $4,362,968,000 after acquiring an additional 1,890,753 shares during the last quarter. Capital Research Global Investors boosted its position in Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after acquiring an additional 185,479 shares during the last quarter. Matrix Capital Management Company LP boosted its position in Marvell Technology by 14.3% during the fourth quarter. Matrix Capital Management Company LP now owns 15,055,500 shares of the semiconductor company’s stock worth $907,997,000 after acquiring an additional 1,888,676 shares during the last quarter. Finally, Brown Advisory Inc. boosted its position in Marvell Technology by 25.9% during the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock worth $890,475,000 after acquiring an additional 3,036,495 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.