Marvell Technology (NASDAQ:MRVL) Trading 3.8% Higher

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price shot up 3.8% during mid-day trading on Thursday . The stock traded as high as $67.55 and last traded at $67.34. 2,673,162 shares changed hands during trading, a decline of 81% from the average session volume of 13,886,815 shares. The stock had previously closed at $64.85.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on MRVL. Summit Insights upgraded Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Barclays boosted their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. B. Riley reiterated a “buy” rating and issued a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Finally, Evercore ISI started coverage on Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Trading Up 3.2 %

The company has a market capitalization of $60.29 billion, a price-to-earnings ratio of -64.46, a price-to-earnings-growth ratio of 4.94 and a beta of 1.50. 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 firm has a fifty day moving average price of $69.80 and a 200-day moving average price of $62.51.

Marvell Technology (NASDAQ:MRVL) last released its 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. The company 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%. Marvell Technology’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 EPS. As a group, equities analysts anticipate that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.34%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology announced that its board has authorized a stock repurchase plan on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s leadership believes its stock is undervalued.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total value of $68,200.00. Following the completion of the transaction, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares of the company’s stock, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock valued at $7,477,515 over the last ninety days. 0.45% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently bought and sold shares of the company. Bruce G. Allen Investments LLC raised its position in Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after purchasing an additional 141 shares during the last quarter. Trueblood Wealth Management LLC raised its position in shares of Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock worth $350,000 after acquiring an additional 152 shares during the last quarter. SJS Investment Consulting Inc. raised its position in shares of Marvell Technology by 56.8% during the fourth 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 last quarter. Blue Trust Inc. raised its position in shares of Marvell Technology by 23.4% during the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after acquiring an additional 155 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Marvell Technology by 34.7% during the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after acquiring an additional 161 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.