Marvell Technology (NASDAQ:MRVL) Raised to Hold at StockNews.com

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a report released on Saturday.

MRVL has been the topic of a number of other reports. Barclays boosted their price objective on shares of Marvell Technology from $70.00 to $75.00 and gave the company an overweight rating in a research report on Tuesday, January 16th. Evercore ISI started 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 for the company. Raymond James boosted their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the stock an outperform rating in a research report on Friday, January 19th. B. Riley reissued a buy rating and issued a $95.00 target price (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Finally, Stifel Nicolaus reissued a buy rating and issued a $86.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $81.13.

Marvell Technology Stock Performance

Shares of MRVL opened at $62.88 on Friday. The company’s 50 day moving average price is $69.97 and its 200 day moving average price is $62.40. Marvell Technology has a 52 week low of $36.90 and a 52 week high of $85.76. The company has a market capitalization of $54.45 billion, a PE ratio of -58.22, a PEG ratio of 4.54 and a beta of 1.50. 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) last announced its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting analysts’ consensus estimates of $0.46. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm had revenue of $1.43 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period in the previous year, the firm posted $0.34 earnings per share. The firm’s revenue was up .6% on a year-over-year basis. Research analysts expect that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology declared that its board has approved a stock buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 4.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the company’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now directly owns 101,986 shares in the company, valued at approximately $7,291,999. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other news, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Friday, April 19th. The shares were sold at an average price of $64.75, for a total value of $161,875.00. Following the completion of the transaction, the executive vice president now owns 21,266 shares in the company, valued at approximately $1,376,973.50. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Monday, April 1st. The shares were sold at an average price of $71.50, for a total transaction of $71,500.00. Following the completion of the transaction, the chief financial officer now owns 101,986 shares of the company’s stock, valued at approximately $7,291,999. The disclosure for this sale can be found here. Insiders sold a total of 110,500 shares of company stock worth $7,477,515 in the last ninety days. 0.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the business. Bruce G. Allen Investments LLC grew its holdings in shares of Marvell Technology by 56.4% in 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 last quarter. SJS Investment Consulting Inc. grew its holdings 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 purchasing an additional 155 shares during the last quarter. Buck Wealth Strategies LLC grew its holdings 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 purchasing an additional 425 shares during the last quarter. Optimum Investment Advisors bought a new stake in shares of Marvell Technology in the 1st quarter worth about $35,000. Finally, Oliver Lagore Vanvalin Investment Group grew its holdings in Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after acquiring an additional 165 shares during the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.