Marvell Technology (NASDAQ:MRVL) Trading Down 2%

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) dropped 2% during trading on Tuesday . The company traded as low as $66.97 and last traded at $67.66. Approximately 3,160,228 shares traded hands during trading, a decline of 76% from the average daily volume of 13,310,558 shares. The stock had previously closed at $69.02.

Analysts Set New Price Targets

Several analysts have recently weighed in on the company. B. Riley reissued a "buy" rating and set a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Stifel Nicolaus reissued a "buy" rating and issued a $86.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Morgan Stanley increased their target price on Marvell Technology from $63.00 to $84.00 and gave the stock an "equal weight" rating in a research note on Thursday, March 7th. KeyCorp dropped their price target on Marvell Technology from $95.00 to $90.00 and set an "overweight" rating on the stock in a research note on Monday, April 8th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $100.00 price objective on shares of Marvell Technology in a research report on Monday, March 4th. Two research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $81.28.

Marvell Technology Price Performance

The firm has a market cap of $58.87 billion, a price-to-earnings ratio of -62.98, a P/E/G ratio of 5.01 and a beta of 1.48. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The business's 50-day simple moving average is $69.41 and its two-hundred day simple moving average is $64.04.

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 for the quarter, hitting analysts' consensus estimates of $0.46. The business 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 quarterly revenue was up .6% on a year-over-year basis. During the same quarter last year, the firm earned $0.34 earnings per share. As a group, research analysts expect that Marvell Technology, Inc. will post 0.72 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.35%. Marvell Technology's dividend payout ratio is currently -22.22%.

Marvell Technology declared that its Board of Directors has initiated a stock buyback plan 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 plans are typically an indication that the company's board believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the firm's stock in a transaction 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 sale, the chief financial officer now directly owns 102,986 shares in the company, valued at $6,981,420.94. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $67.79, for a total value of $67,790.00. Following the transaction, the chief financial officer now directly owns 102,986 shares in the company, valued at approximately $6,981,420.94. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the transaction, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. 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 in the last quarter. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Buck Wealth Strategies LLC boosted its stake in shares of Marvell Technology by 1,328.1% in the 3rd quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company's stock worth $25,000 after buying an additional 425 shares during the last quarter. SJS Investment Consulting Inc. increased its position in shares of Marvell Technology by 56.8% during the 4th 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 during the last quarter. Bruce G. Allen Investments LLC raised its stake in shares of Marvell Technology by 56.4% during the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company's stock worth $28,000 after purchasing an additional 141 shares during the period. Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Marvell Technology by 46.2% in the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company's stock worth $31,000 after buying an additional 165 shares during the last quarter. Finally, Salomon & Ludwin LLC bought a new position in Marvell Technology during the first quarter valued at about $31,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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.