Brokerages Set Marvell Technology, Inc. (NASDAQ:MRVL) Target Price at $81.13

Marvell Technology, Inc. (NASDAQ:MRVL) has earned an average rating of “Moderate Buy” from the twenty-one analysts that are presently covering the stock, MarketBeat reports. One analyst has rated the stock with a hold recommendation and twenty have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $81.13.

MRVL has been the subject of several recent analyst reports. UBS Group boosted their target price on Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Evercore ISI began coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price objective on the stock. Citigroup reiterated a “buy” rating and set a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. TD Cowen increased their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an “outperform” rating in a report on Friday, March 8th. Finally, StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Sunday, April 28th.

Marvell Technology Trading Up 2.8 %

Shares of Marvell Technology stock opened at $68.51 on Tuesday. The stock has a market capitalization of $59.33 billion, a P/E ratio of -63.43, a P/E/G ratio of 4.88 and a beta of 1.48. Marvell Technology has a 52-week low of $38.63 and a 52-week high of $85.76. 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 stock’s 50-day simple moving average is $69.85 and its 200 day simple moving average is $63.12.

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

Marvell Technology Dividend Announcement

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

Marvell Technology declared that its board has initiated a share repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Insider Activity

In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, 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 SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the transaction, the chief executive officer now owns 762,929 shares in the company, valued at approximately $51,627,405.43. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 110,500 shares of company stock valued at $7,473,805. Insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. Csenge Advisory Group bought a new position in shares of Marvell Technology during the first quarter valued at $224,000. Rehmann Capital Advisory Group bought a new position in shares of Marvell Technology during the first quarter valued at $239,000. GSA Capital Partners LLP purchased a new stake in shares of Marvell Technology during the first quarter valued at $866,000. BI Asset Management Fondsmaeglerselskab A S increased its holdings in Marvell Technology by 33.0% in the 1st quarter. BI Asset Management Fondsmaeglerselskab A S now owns 41,031 shares of the semiconductor company’s stock worth $2,908,000 after buying an additional 10,172 shares in the last quarter. Finally, Salomon & Ludwin LLC purchased a new position in Marvell Technology in the 1st quarter worth about $31,000. Institutional investors own 83.51% of the company’s stock.

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.