Marvell Technology (NASDAQ:MRVL) Trading Down 0.3%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded down 0.3% during trading on Thursday . The company traded as low as $73.33 and last traded at $73.46. 4,446,119 shares traded hands during mid-day trading, a decline of 66% from the average session volume of 13,101,259 shares. The stock had previously closed at $73.68.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Evercore ISI assumed coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 target price on the stock. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. KeyCorp decreased their target price on shares of Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Monday, April 8th. UBS Group lifted their target price on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research report on Monday, February 26th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $100.00 price target on shares of Marvell Technology in a report on Monday, March 4th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty-one have issued a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $81.28.

Marvell Technology Price Performance

The firm’s 50-day moving average is $69.23 and its 200-day moving average is $65.35. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly 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 analyst estimates 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 prior year, the business posted $0.34 earnings per share. Equities research analysts anticipate that Marvell Technology, Inc. will post 0.73 EPS for the current year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.31%. Marvell Technology’s dividend payout ratio is -22.22%.

Marvell Technology announced that its board has initiated a share buyback plan on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $66.17, for a total value of $1,985,100.00. Following the transaction, the chief executive officer now directly owns 732,929 shares in the company, valued at $48,497,911.93. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction dated Thursday, March 14th. The shares were sold at an average price of $66.17, for a total transaction of $1,985,100.00. Following the transaction, the chief executive officer now directly owns 732,929 shares in the company, valued at approximately $48,497,911.93. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction dated 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 in the company, valued at $6,981,420.94. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,500 shares of company stock valued at $7,522,055. 0.33% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $511,215,000. Matrix Capital Management Company LP lifted its stake in Marvell Technology by 54.3% during 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 acquiring an additional 4,634,127 shares during the period. Lazard Asset Management LLC lifted its stake in Marvell Technology by 47,934.4% during 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 acquiring an additional 3,993,414 shares during the period. Brown Advisory Inc. lifted its stake in shares of Marvell Technology by 25.9% in the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares during the period. Finally, Aspex Management HK Ltd lifted its stake in shares of Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.