Marvell Technology (NASDAQ:MRVL) Shares Up 2.5%

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price shot up 2.5% on Thursday . The company traded as high as $65.89 and last traded at $65.39. 2,216,022 shares changed hands during trading, a decline of 84% from the average session volume of 13,736,675 shares. The stock had previously closed at $63.82.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. Summit Insights upgraded Marvell Technology from a "hold" rating to a "buy" rating in a research note on Friday, March 8th. Evercore ISI initiated coverage on Marvell Technology in a research note on Tuesday, April 16th. They issued an "outperform" rating and a $88.00 target price on the stock. TD Cowen upped their price target on shares of Marvell Technology from $75.00 to $90.00 and gave the stock an "outperform" rating in a research report on Friday, March 8th. B. Riley reaffirmed 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. Finally, Morgan Stanley boosted their target price on shares of Marvell Technology from $63.00 to $84.00 and gave the company an "equal weight" rating in a research note on Thursday, March 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have assigned a buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.13.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company's 50 day moving average price is $69.84 and its 200-day moving average price is $62.95. The company has a market cap of $57.74 billion, a price-to-earnings ratio of -61.73, a PEG ratio of 4.82 and a beta of 1.48.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share 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 firm had revenue of $1.43 billion during the quarter, compared to analysts' expectations of $1.42 billion. During the same period last year, the firm posted $0.34 earnings per share. The firm's revenue for the quarter was up .6% compared to the same quarter last year. On average, equities research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders 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 0.36%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology's dividend payout ratio is -22.22%.

Marvell Technology declared that its Board of Directors has authorized a share buyback program on Thursday, March 7th that authorizes the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to buy up to 4.8% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company's management believes its stock is undervalued.

Insiders Place Their Bets

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology 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 transaction, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of the business's stock in a transaction on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. In the last quarter, 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 institutional investors and hedge funds have recently modified their holdings of MRVL. Bruce G. Allen Investments LLC grew its stake in Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock valued at $28,000 after acquiring an additional 141 shares in the last quarter. Trueblood Wealth Management LLC boosted its holdings in shares of Marvell Technology by 3.2% during the first quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company's stock worth $350,000 after purchasing an additional 152 shares during the period. SJS Investment Consulting Inc. grew its position in Marvell Technology by 56.8% during the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 155 shares in the last quarter. Blue Trust Inc. increased its stake in Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company's stock valued at $45,000 after buying an additional 155 shares during the period. Finally, Versant Capital Management Inc lifted its position in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company's stock worth $38,000 after buying an additional 161 shares in the last quarter. Hedge funds and other 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.