Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) saw a large growth in short interest in April. As of April 15th, there was short interest totalling 24,180,000 shares, a growth of 35.8% from the March 31st total of 17,810,000 shares. Based on an average trading volume of 14,020,000 shares, the days-to-cover ratio is presently 1.7 days.
Marvell Technology Stock Performance
NASDAQ:MRVL traded up $2.14 on Friday, reaching $69.62. 11,543,835 shares of the company's stock were exchanged, compared to its average volume of 11,314,156. The firm has a market cap of $60.29 billion, a price-to-earnings ratio of -64.46, a P/E/G ratio of 5.09 and a beta of 1.50. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21. The stock has a fifty day simple moving average of $69.87 and a 200-day simple moving average of $62.67. Marvell Technology has a 52 week low of $37.71 and a 52 week high of $85.76.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. Marvell Technology's revenue for the quarter was up .6% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. As a group, sell-side analysts predict that Marvell Technology will post 0.72 earnings per share for the current year.
Marvell Technology announced that its Board of Directors has authorized a stock buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are typically an indication that the company's leadership believes its stock is undervalued.
Marvell Technology Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be paid a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology's dividend payout ratio is currently -22.22%.
Insider Activity
In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction that occurred on 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 directly owns 762,929 shares of the company's stock, valued at approximately $51,627,405.43. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the firm'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 value 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 disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock worth $7,477,515 in the last quarter. 0.45% of the stock is owned by corporate insiders.
Institutional Investors Weigh In On Marvell Technology
Institutional investors and hedge funds have recently modified their holdings of the company. Caprock Group LLC boosted its holdings in Marvell Technology by 7.5% in the 3rd quarter. Caprock Group LLC now owns 4,755 shares of the semiconductor company's stock valued at $257,000 after purchasing an additional 330 shares during the period. Handelsbanken Fonder AB grew its position in Marvell Technology by 2.7% during the third quarter. Handelsbanken Fonder AB now owns 273,760 shares of the semiconductor company's stock worth $14,819,000 after buying an additional 7,193 shares in the last quarter. Simplicity Solutions LLC increased its stake in Marvell Technology by 2.6% in the 3rd quarter. Simplicity Solutions LLC now owns 11,635 shares of the semiconductor company's stock worth $630,000 after acquiring an additional 290 shares during the last quarter. Ballentine Partners LLC raised its holdings in shares of Marvell Technology by 6.8% in the 3rd quarter. Ballentine Partners LLC now owns 4,983 shares of the semiconductor company's stock valued at $270,000 after acquiring an additional 319 shares in the last quarter. Finally, KG&L Capital Management LLC bought a new stake in shares of Marvell Technology during the 3rd quarter valued at about $234,000. 83.51% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
A number of equities research analysts recently weighed in on MRVL shares. Barclays upped their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an "overweight" rating in a report on Tuesday, January 16th. Summit Insights upgraded Marvell Technology from a "hold" rating to a "buy" rating in a report on Friday, March 8th. Evercore ISI assumed coverage on Marvell Technology in a report on Tuesday, April 16th. They set an "outperform" rating and a $88.00 price target for the company. Oppenheimer restated an "outperform" rating and set a $80.00 price objective (up from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Finally, Roth Mkm reiterated a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $81.13.
Check Out Our Latest Report on Marvell Technology
About Marvell Technology
(
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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.
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