Marvell Technology (NASDAQ:MRVL) Trading Up 0.9%

Marvell Technology, Inc. (NASDAQ:MRVL) was up 0.9% on Monday . The stock traded as high as $69.97 and last traded at $69.12. Approximately 1,503,328 shares changed hands during mid-day trading, a decline of 89% from the average daily volume of 13,667,220 shares. The stock had previously closed at $68.51.

Wall Street Analysts Forecast Growth

MRVL has been the topic of several research reports. Cantor Fitzgerald reissued an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. KeyCorp lowered their target price on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating for the company in a research note on Monday, April 8th. Raymond James increased their price target on Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Friday, March 8th. Finally, Barclays raised their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have given a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $81.13.

Marvell Technology Stock Up 1.9 %

The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $60.46 billion, a price-to-earnings ratio of -64.00, a PEG ratio of 5.01 and a beta of 1.48. The business’s fifty day moving average price is $69.85 and its 200 day moving average price is $63.21.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting 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 positive return on equity of 4.96% and a negative net margin of 16.95%. The business’s revenue was up .6% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share. On average, equities analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

Marvell Technology announced that its Board of Directors has authorized a stock buyback 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 shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction dated Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the transaction, the chief financial officer now directly owns 101,986 shares in the company, valued at $7,291,999. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The stock was 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 owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The stock was sold at an average price of $71.50, for a total value of $71,500.00. Following the sale, the chief financial officer now owns 101,986 shares of the company’s stock, valued at $7,291,999. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,500 shares of company stock worth $7,473,805. Company insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Buck Wealth Strategies LLC lifted its holdings in shares of Marvell Technology by 1,328.1% during the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 425 shares in the last quarter. SJS Investment Consulting Inc. increased its position in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC raised its stake in shares of Marvell Technology by 56.4% in the 1st 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 in the last quarter. BluePath Capital Management LLC bought a new position in Marvell Technology during the 3rd quarter worth approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group boosted its holdings in Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares during the period. 83.51% of the stock is owned by institutional investors and hedge funds.

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.