Marvell Technology (NASDAQ:MRVL) Trading Up 3.8%

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MRVL shares. Rosenblatt Securities restated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Raymond James increased their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an “outperform” rating in a report on Friday, January 19th. Summit Insights raised Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. 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. Finally, Oppenheimer reiterated an “outperform” rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a report on Thursday, February 29th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.13.

Marvell Technology Trading Up 4.1 %

The business has a 50 day simple moving average of $69.80 and a two-hundred day simple moving average of $62.48. 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 company has a market cap of $58.44 billion, a PE ratio of -62.01, a price-to-earnings-growth ratio of 4.67 and a beta of 1.50.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.36%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

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

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the sale, the executive vice president now 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 can be accessed through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total transaction 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total value of $161,875.00. Following the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,477,515 in the last three months. 0.45% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. Equitable Trust Co. lifted its stake in shares of Marvell Technology by 1.6% in the first quarter. Equitable Trust Co. now owns 16,264 shares of the semiconductor company’s stock worth $1,153,000 after acquiring an additional 256 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Marvell Technology by 6.2% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 454,635 shares of the semiconductor company’s stock worth $32,225,000 after buying an additional 26,377 shares in the last quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund increased its stake in shares of Marvell Technology by 1.8% in the first quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 176,347 shares of the semiconductor company’s stock worth $12,499,000 after buying an additional 3,100 shares during the last quarter. Valeo Financial Advisors LLC raised its holdings in Marvell Technology by 5.7% in the first quarter. Valeo Financial Advisors LLC now owns 8,735 shares of the semiconductor company’s stock valued at $566,000 after acquiring an additional 469 shares in the last quarter. Finally, Whalen Wealth Management Inc. boosted its stake in Marvell Technology by 40.2% during the 1st quarter. Whalen Wealth Management Inc. now owns 10,205 shares of the semiconductor company’s stock valued at $723,000 after acquiring an additional 2,924 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

About Marvell Technology

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.