Marvell Technology (NASDAQ:MRVL) Trading 0.9% Higher

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares traded up 0.9% during mid-day trading on Wednesday . The company traded as high as $68.96 and last traded at $68.65. 1,560,955 shares traded hands during trading, a decline of 88% from the average session volume of 13,253,170 shares. The stock had previously closed at $68.02.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on the company. Morgan Stanley lifted their price objective on Marvell Technology from $63.00 to $84.00 and gave the company an "equal weight" rating in a research report on Thursday, March 7th. Raymond James lifted their price objective on Marvell Technology from $62.00 to $78.00 and gave the company an "outperform" rating in a research report on Friday, January 19th. TD Cowen lifted their price objective on Marvell Technology from $75.00 to $90.00 and gave the company an "outperform" rating in a research report on Friday, March 8th. KeyCorp reduced their price target on Marvell Technology from $95.00 to $90.00 and set an "overweight" rating for the company in a research report on Monday, April 8th. Finally, Oppenheimer reaffirmed an "outperform" rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a research report on Thursday, February 29th. One analyst has rated the stock with a sell rating, one has given a hold rating and twenty-one have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $81.28.

Marvell Technology Stock Performance

The company has a market capitalization of $60.71 billion, a P/E ratio of -63.56, a price-to-earnings-growth ratio of 4.98 and a beta of 1.48. The firm has a 50 day moving average price of $69.20 and a two-hundred day moving average price of $64.19. 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 released its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, meeting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period in the prior year, the company posted $0.34 EPS. The company's revenue was up .6% compared to the same quarter last year. On average, research analysts expect that Marvell Technology, Inc. will post 0.73 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th were issued 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 of Directors has approved a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares repurchase programs are often a sign that the company's board of directors believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,000 shares of the business's stock in a transaction that occurred on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, the chief financial officer now directly owns 110,218 shares of the company's stock, valued at approximately $7,107,958.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the company's stock in a transaction 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 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 company's stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the transaction, 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 have sold 110,500 shares of company stock valued at $7,473,805 in the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Tree Line Advisors Hong Kong Ltd. acquired a new position in shares of Marvell Technology in the 1st quarter valued at $31,896,000. BOKF NA lifted its stake in shares of Marvell Technology by 294.9% in the 1st quarter. BOKF NA now owns 36,594 shares of the semiconductor company's stock valued at $2,679,000 after purchasing an additional 27,327 shares during the period. Totem Point Management LLC lifted its stake in shares of Marvell Technology by 19.5% in the 1st quarter. Totem Point Management LLC now owns 44,561 shares of the semiconductor company's stock valued at $3,158,000 after purchasing an additional 7,258 shares during the period. Hood River Capital Management LLC lifted its stake in shares of Marvell Technology by 150.5% in the 1st quarter. Hood River Capital Management LLC now owns 110,316 shares of the semiconductor company's stock valued at $7,819,000 after purchasing an additional 66,272 shares during the period. Finally, Lazard Asset Management LLC lifted its stake in shares of Marvell Technology by 47,934.4% in the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company's stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Institutional investors and hedge funds 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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