StockNews.com Upgrades Marvell Technology (NASDAQ:MRVL) to “Hold”

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

A number of other brokerages have also recently commented on MRVL. Summit Insights raised shares of Marvell Technology from a hold rating to a buy rating in a report on Friday, March 8th. B. Riley reiterated a buy rating and set a $95.00 target price (up from $85.00) on shares of Marvell Technology in a research report on Monday, March 4th. Evercore ISI initiated coverage on Marvell Technology in a research report on Tuesday, April 16th. They issued an outperform rating and a $88.00 price target for the company. Needham & Company LLC reaffirmed a buy rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Stifel Nicolaus reissued a buy rating and set a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Two investment analysts have rated the stock with a hold rating and twenty have issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and a consensus target price of $81.13.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $68.68 on Tuesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 1.69. The company has a market capitalization of $59.48 billion, a price-to-earnings ratio of -63.59, a price-to-earnings-growth ratio of 5.01 and a beta of 1.48. Marvell Technology has a one year low of $39.23 and a one year high of $85.76. The company’s 50-day moving average is $69.87 and its 200 day moving average is $63.48.

Marvell Technology (NASDAQ:MRVL) last posted 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. The company had revenue of $1.43 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. Marvell Technology’s revenue for the quarter was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.34 earnings per share. Sell-side analysts expect that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology announced that its board has authorized a share buyback program on Thursday, March 7th that allows the company to repurchase $3.00 billion in shares. This repurchase authorization allows the semiconductor company to buy 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.

Marvell Technology Dividend Announcement

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

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The shares were sold at an average price of $64.49, for a total transaction of $64,490.00. Following the completion of the transaction, the chief financial officer now owns 110,218 shares of the company’s stock, valued at $7,107,958.82. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Wednesday, May 1st. The stock was sold at an average price of $64.49, for a total value of $64,490.00. Following the completion of the transaction, the chief financial officer now owns 110,218 shares of the company’s stock, valued at approximately $7,107,958.82. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’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 sale, the chief executive officer now directly owns 762,929 shares in the company, valued at $51,627,405.43. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,473,805 in the last ninety days. 0.45% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Buck Wealth Strategies LLC increased 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 valued at $25,000 after purchasing an additional 425 shares in the last quarter. SJS Investment Consulting Inc. boosted its holdings in 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 buying an additional 155 shares during the last quarter. Bruce G. Allen Investments LLC increased its stake in 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 buying an additional 141 shares in the last quarter. BluePath Capital Management LLC acquired a new position in shares of Marvell Technology during the third quarter valued at approximately $31,000. Finally, Oliver Lagore Vanvalin Investment Group raised its holdings in shares of Marvell Technology by 46.2% during the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock valued at $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.

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.