Marvell Technology (NASDAQ:MRVL) Now Covered by Evercore ISI

Evercore ISI assumed coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research report report published on Tuesday morning, MarketBeat.com reports. The brokerage issued an outperform rating and a $88.00 target price on the semiconductor company’s stock.

Several other equities research analysts also recently weighed in on the company. Raymond James raised their price objective on Marvell Technology from $62.00 to $78.00 and gave the company an outperform rating in a report on Friday, January 19th. Rosenblatt Securities reissued a buy rating and set a $100.00 price objective on shares of Marvell Technology in a report on Monday, March 4th. KeyCorp cut their price objective on Marvell Technology from $95.00 to $90.00 and set an overweight rating on the stock in a report on Monday, April 8th. TD Cowen raised their price objective on Marvell Technology from $75.00 to $90.00 and gave the company an outperform rating in a report on Friday, March 8th. Finally, Roth Mkm reissued a buy rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Two analysts have rated the stock with a hold rating and twenty have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $81.13.

Marvell Technology Trading Down 4.8 %

Shares of MRVL stock opened at $62.13 on Tuesday. The stock’s fifty day moving average price is $70.12 and its two-hundred day moving average price is $62.20. The company has a market cap of $53.80 billion, a PE ratio of -57.53, a P/E/G ratio of 4.86 and a beta of 1.50. Marvell Technology has a fifty-two week low of $36.90 and a fifty-two 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.

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

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

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

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the sale, the chief financial officer now directly owns 103,986 shares of the company’s stock, valued at approximately $7,091,845.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 5,000 shares of the business’s stock in a transaction that occurred on Monday, April 15th. The stock was sold at an average price of $71.25, for a total value of $356,250.00. Following the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 108,000 shares of company stock valued at $7,315,640. Corporate insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the business. Massachusetts Financial Services Co. MA boosted its stake in shares of Marvell Technology by 43.7% in the 3rd quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock worth $381,257,000 after buying an additional 2,142,391 shares during the last quarter. Kingswood Wealth Advisors LLC boosted its stake in shares of Marvell Technology by 328.3% in the 3rd quarter. Kingswood Wealth Advisors LLC now owns 23,949 shares of the semiconductor company’s stock worth $1,296,000 after buying an additional 18,357 shares during the last quarter. Fred Alger Management LLC boosted its stake in shares of Marvell Technology by 2.4% in the 3rd quarter. Fred Alger Management LLC now owns 4,036,564 shares of the semiconductor company’s stock worth $218,499,000 after buying an additional 95,003 shares during the last quarter. NewEdge Wealth LLC boosted its stake in shares of Marvell Technology by 15.6% in the 3rd quarter. NewEdge Wealth LLC now owns 7,197 shares of the semiconductor company’s stock worth $390,000 after buying an additional 973 shares during the last quarter. Finally, Montag A & Associates Inc. boosted its stake in shares of Marvell Technology by 15.8% in the 3rd quarter. Montag A & Associates Inc. now owns 64,837 shares of the semiconductor company’s stock worth $3,510,000 after buying an additional 8,836 shares during the last quarter. Hedge funds and other 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.