Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Up 35.8% in April

Marvell Technology, Inc. (NASDAQ:MRVL) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 24,180,000 shares, an increase of 35.8% from the March 31st total of 17,810,000 shares. Based on an average daily volume of 14,020,000 shares, the short-interest ratio is currently 1.7 days.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. B. Riley reiterated a “buy” rating and set a $95.00 price objective (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Stifel Nicolaus reissued a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Roth Mkm restated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a report on Wednesday, March 27th. Finally, Barclays increased their price target on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on 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 owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction 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 sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’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 completion of the transaction, the chief executive officer now directly owns 762,929 shares of the company’s stock, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,477,515 over the last three months. Corporate insiders own 0.45% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the stock. Buck Wealth Strategies LLC lifted its stake in Marvell Technology by 1,328.1% during the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 425 shares during the last quarter. SJS Investment Consulting Inc. grew its stake 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 valued at $26,000 after buying an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC raised its holdings in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after buying an additional 141 shares during the last quarter. BluePath Capital Management LLC purchased a new stake in Marvell Technology during the 3rd quarter valued at $31,000. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in Marvell Technology by 46.2% in 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 last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL opened at $68.75 on Tuesday. Marvell Technology has a one year low of $38.63 and a one year high of $85.76. The firm has a fifty day moving average price of $69.92 and a two-hundred day moving average price of $62.83. 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 posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion during 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%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the company earned $0.34 earnings per share. As a group, equities analysts anticipate that Marvell Technology will post 0.72 EPS for the current year.

Marvell Technology Announces Dividend

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

Marvell Technology declared that its Board of Directors has approved a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

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.