Evercore ISI Initiates Coverage on Marvell Technology (NASDAQ:MRVL)

Evercore ISI began coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research note issued to investors on Tuesday, Marketbeat Ratings reports. The firm issued an outperform rating and a $88.00 price objective on the semiconductor company’s stock.

Several other equities analysts also recently issued reports on MRVL. Barclays lifted their price objective on Marvell Technology from $70.00 to $75.00 and gave the company an overweight rating in a research report on Tuesday, January 16th. Cantor Fitzgerald restated an overweight rating and set a $85.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Needham & Company LLC restated a buy rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Summit Insights upgraded Marvell Technology from a hold rating to a buy rating in a research report on Friday, March 8th. Finally, Stifel Nicolaus restated a buy rating and set a $86.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average price target of $81.13.

Marvell Technology Price Performance

Marvell Technology stock opened at $65.24 on Tuesday. 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 company has a market capitalization of $56.50 billion, a PE ratio of -60.41, a price-to-earnings-growth ratio of 4.99 and a beta of 1.50. Marvell Technology has a one year low of $36.90 and a one year high of $85.76. The business has a 50 day simple moving average of $70.25 and a 200 day simple moving average of $62.15.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) 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 firm had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter in the previous year, the company posted $0.34 EPS. The business’s revenue for the quarter was up .6% compared to the same quarter last year. On average, sell-side analysts forecast that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its Board of Directors has initiated a stock repurchase program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. Marvell Technology’s dividend payout ratio (DPR) is currently -22.22%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now directly owns 119,117 shares in the company, valued at $8,097,573.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the completion of the transaction, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Thursday, February 15th. The stock was 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 of the company’s stock, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders sold 108,000 shares of company stock worth $7,315,640 over the last ninety days. 0.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH acquired a new position in shares of Marvell Technology during the first quarter worth about $13,291,000. Allspring Global Investments Holdings LLC boosted its position in Marvell Technology by 3.5% during the first quarter. Allspring Global Investments Holdings LLC now owns 1,919,962 shares of the semiconductor company’s stock valued at $136,087,000 after purchasing an additional 64,909 shares during the last quarter. SteelPeak Wealth LLC boosted its position in Marvell Technology by 14.4% during the first quarter. SteelPeak Wealth LLC now owns 187,107 shares of the semiconductor company’s stock valued at $13,262,000 after purchasing an additional 23,483 shares during the last quarter. Breakwater Capital Group boosted its position in Marvell Technology by 12.8% during the first quarter. Breakwater Capital Group now owns 7,459 shares of the semiconductor company’s stock valued at $529,000 after purchasing an additional 847 shares during the last quarter. Finally, Hennion & Walsh Asset Management Inc. boosted its position in Marvell Technology by 39.0% during the first quarter. Hennion & Walsh Asset Management Inc. now owns 8,151 shares of the semiconductor company’s stock valued at $578,000 after purchasing an additional 2,286 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.