Marvell Technology (NASDAQ:MRVL) Trading Up 0.9%

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 0.9% on Monday . The company traded as high as $69.97 and last traded at $69.12. 1,503,328 shares changed hands during mid-day trading, a decline of 89% from the average session volume of 13,667,220 shares. The stock had previously closed at $68.51.

Analysts Set New Price Targets

A number of equities research analysts recently commented on MRVL shares. Evercore ISI began coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They issued an "outperform" rating and a $88.00 price objective on the stock. Roth Mkm reiterated a "buy" rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, April 12th. Summit Insights raised Marvell Technology from a "hold" rating to a "buy" rating in a report on Friday, March 8th. Cantor Fitzgerald reaffirmed an "overweight" rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Finally, TD Cowen boosted their target price on shares of Marvell Technology from $75.00 to $90.00 and gave the company an "outperform" rating in a research note on Friday, March 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. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $81.13.

Marvell Technology Trading Up 1.9 %

The firm has a fifty day moving average of $69.85 and a 200 day moving average of $63.21. The firm has a market capitalization of $60.46 billion, a PE ratio of -64.00, a P/E/G ratio of 5.01 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting analysts' consensus estimates of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts' expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The business's revenue for the quarter was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 earnings per share. Equities research analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced 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 annualized dividend and a dividend yield of 0.34%. The ex-dividend date of this dividend was Thursday, April 11th. Marvell Technology's payout ratio is currently -22.22%.

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

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, March 18th. The stock was sold at an average price of $67.79, for a total transaction of $67,790.00. Following the transaction, the chief financial officer now owns 102,986 shares of the company's stock, valued at approximately $6,981,420.94. The transaction was disclosed in a document filed with the SEC, which is available at this link. 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 transaction, the chief executive officer now owns 762,929 shares of the company's stock, valued at $51,627,405.43. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of Marvell Technology stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total value of $67,790.00. Following the completion of the transaction, the chief financial officer now owns 102,986 shares of the company's stock, valued at $6,981,420.94. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock valued at $7,473,805 over the last three months. 0.45% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Several hedge funds have recently made changes to their positions in the stock. Bruce G. Allen Investments LLC increased its holdings in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock valued at $28,000 after purchasing an additional 141 shares during the period. Trueblood Wealth Management LLC raised its position in shares of Marvell Technology by 3.2% during the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company's stock worth $350,000 after buying an additional 152 shares in the last quarter. SJS Investment Consulting Inc. lifted its stake in shares of Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company's stock worth $26,000 after acquiring an additional 155 shares during the period. Blue Trust Inc. boosted its holdings in shares of Marvell Technology by 23.4% in the fourth quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company's stock valued at $45,000 after acquiring an additional 155 shares in the last quarter. Finally, Versant Capital Management Inc increased its stake in shares of Marvell Technology by 34.7% during the fourth quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company's stock valued at $38,000 after acquiring an additional 161 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.

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