Marvell Technology (NASDAQ:MRVL) Shares Down 1.2%

Marvell Technology, Inc. (NASDAQ:MRVL) was down 1.2% during mid-day trading on Thursday . The company traded as low as $70.53 and last traded at $71.42. Approximately 4,420,366 shares were traded during mid-day trading, a decline of 70% from the average daily volume of 14,522,617 shares. The stock had previously closed at $72.31.

Analyst Ratings Changes

A number of analysts have issued reports on MRVL shares. B. Riley reissued a “buy” rating and issued a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. UBS Group upped their price target on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a report on Monday, February 26th. Benchmark restated a “buy” rating and issued a $75.00 price target on shares of Marvell Technology in a research report on Friday, December 1st. Cantor Fitzgerald began coverage on shares of Marvell Technology in a research report on Tuesday, January 23rd. They issued an “overweight” rating and a $80.00 price target for the company. Finally, Raymond James upped their price target on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research report on Friday, January 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $75.75.

Marvell Technology Price Performance

The business’s 50-day moving average is $69.74 and its two-hundred day moving average is $60.32. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $61.38 billion, a P/E ratio of -66.13, a price-to-earnings-growth ratio of 5.01 and a beta of 1.51.

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, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the company posted $0.34 earnings per share. The firm’s quarterly revenue was up .6% compared to the same quarter last year. As a group, analysts predict that Marvell Technology, Inc. will post 0.72 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology declared that its board has authorized a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the completion of the transaction, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the sale, the executive vice president now directly owns 124,117 shares in the company, valued at $8,099,875.42. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the sale, the chief financial officer now owns 103,986 shares of the company’s stock, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 138,000 shares of company stock worth $8,983,290 over the last quarter. Corporate insiders own 0.45% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently added to or reduced their stakes in the company. FMR LLC boosted its stake in shares of Marvell Technology by 0.3% during the 3rd quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock valued at $7,005,447,000 after purchasing an additional 421,622 shares in the last quarter. Vanguard Group Inc. lifted its position in Marvell Technology by 2.7% during the 4th quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after acquiring an additional 1,890,753 shares during the period. Moneta Group Investment Advisors LLC raised its holdings in Marvell Technology by 118,898.0% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock worth $2,313,242,000 after buying an additional 62,400,056 shares during the last quarter. BlackRock Inc. raised its holdings in Marvell Technology by 10.9% in the second quarter. BlackRock Inc. now owns 58,468,789 shares of the semiconductor company’s stock worth $3,495,264,000 after buying an additional 5,739,560 shares during the last quarter. Finally, Capital Research Global Investors grew its stake in shares of Marvell Technology by 0.5% in the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock worth $2,158,601,000 after acquiring an additional 185,479 shares during the period. Institutional investors 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.