Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price was up 1.8% on Friday . The company traded as high as $69.38 and last traded at $67.88. Approximately 2,596,699 shares traded hands during trading, a decline of 81% from the average daily volume of 13,733,070 shares. The stock had previously closed at $66.67.
Analyst Upgrades and Downgrades
MRVL has been the topic of a number of analyst reports. Morgan Stanley increased their price objective on shares of Marvell Technology from $63.00 to $84.00 and gave the stock an "equal weight" rating in a report on Thursday, March 7th. Roth Mkm reissued a "buy" rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Needham & Company LLC reaffirmed a "buy" rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, April 12th. Stifel Nicolaus reissued a "buy" rating and set a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, KeyCorp reduced their price target on shares of Marvell Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research note on Monday, April 8th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have issued a buy rating to the company's stock. Based on data from MarketBeat, Marvell Technology has a consensus rating of "Moderate Buy" and a consensus target price of $81.13.
View Our Latest Analysis on MRVL
Marvell Technology Price Performance
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 firm has a market cap of $59.33 billion, a price-to-earnings ratio of -63.44, a price-to-earnings-growth ratio of 4.67 and a beta of 1.48. The stock's fifty day moving average price is $69.85 and its 200-day moving average price is $63.06.
Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.46. The company had revenue of $1.43 billion for 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%. The company's revenue was up .6% on a year-over-year basis. During the same period in the previous year, the business earned $0.34 EPS. Equities research analysts predict that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.
Marvell Technology Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date was Thursday, April 11th. Marvell Technology's dividend payout ratio (DPR) is -22.22%.
Marvell Technology declared that its board has authorized a stock buyback plan 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 stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its shares are undervalued.
Insiders Place Their Bets
In related news, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now owns 110,218 shares of the company's stock, valued at $7,107,958.82. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business's stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares of the company's stock, valued at $1,376,973.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the company's stock in a transaction dated Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the sale, the chief financial officer now directly owns 110,218 shares in the company, valued at approximately $7,107,958.82. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,473,805 in the last quarter. 0.45% of the stock is currently owned by corporate insiders.
Institutional Trading of Marvell Technology
A number of large investors have recently bought and sold shares of the stock. Norges Bank acquired a new stake in shares of Marvell Technology during the fourth quarter worth approximately $511,215,000. Matrix Capital Management Company LP raised its position in Marvell Technology by 54.3% in the 3rd quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company's stock valued at $712,720,000 after purchasing an additional 4,634,127 shares during the last quarter. Brown Advisory Inc. boosted its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company's stock worth $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd grew its holdings in shares of Marvell Technology by 103.8% during the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company's stock worth $344,525,000 after purchasing an additional 2,908,912 shares during the last quarter. Finally, Massachusetts Financial Services Co. MA increased its stake in shares of Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company's stock valued at $381,257,000 after buying an additional 2,142,391 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.
Marvell Technology Company Profile
(
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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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