Marvell Technology (NASDAQ:MRVL) Given Buy Rating at Citigroup

Citigroup restated their buy rating on shares of Marvell Technology (NASDAQ:MRVL) in a research report released on Wednesday morning, Benzinga reports. The brokerage currently has a $91.00 target price on the semiconductor company’s stock.

Other equities analysts also recently issued research reports about the company. StockNews.com downgraded Marvell Technology from a hold rating to a sell rating in a report on Thursday, March 21st. Rosenblatt Securities restated a buy rating and set a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. UBS Group boosted their price target on Marvell Technology from $70.00 to $83.00 and gave the company a buy rating in a research note on Monday, February 26th. Oppenheimer reaffirmed an outperform rating and issued a $80.00 price target (up previously from $70.00) on shares of Marvell Technology in a research note on Thursday, February 29th. Finally, KeyCorp reduced their target price on shares of Marvell Technology from $80.00 to $70.00 and set an overweight rating on the stock in a research note on Friday, December 1st. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and nineteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $75.75.

Marvell Technology Stock Performance

Shares of MRVL opened at $72.31 on Wednesday. The company has a market capitalization of $62.62 billion, a PE ratio of -66.95, a PEG ratio of 4.85 and a beta of 1.51. 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’s 50 day moving average price is $69.74 and its 200 day moving average price is $60.32. Marvell Technology has a 52 week low of $36.90 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, meeting the consensus estimate of $0.46. The business had revenue of $1.43 billion for the quarter, compared to analysts’ expectations 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 revenue was up .6% on a year-over-year basis. During the same period in the previous year, the company posted $0.34 EPS. Research analysts expect that Marvell Technology will post 0.72 EPS for the current fiscal year.

Marvell Technology declared that its board has authorized a stock buyback program on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s leadership believes its shares are undervalued.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Thursday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.33%. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,000 shares of the firm’s stock in a transaction on Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the completion of the transaction, the chief financial officer now directly owns 99,730 shares of the company’s stock, valued at $5,983,800. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Friday, January 5th. The shares were sold at an average price of $60.00, for a total value of $60,000.00. Following the completion of the sale, the chief financial officer now owns 99,730 shares in the company, valued at $5,983,800. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction dated Tuesday, January 16th. The stock was sold at an average price of $65.59, for a total transaction of $1,967,700.00. Following the transaction, the chief executive officer now owns 792,929 shares in the company, valued at $52,008,213.11. The disclosure for this sale can be found here. Insiders have sold a total of 138,000 shares of company stock worth $8,983,290 in the last 90 days. Corporate insiders own 0.45% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Moneta Group Investment Advisors LLC lifted its holdings in Marvell Technology by 118,898.0% during the 4th quarter. Moneta Group Investment Advisors LLC now owns 62,452,538 shares of the semiconductor company’s stock valued at $2,313,242,000 after purchasing an additional 62,400,056 shares during the last quarter. Matrix Capital Management Company LP acquired a new stake in shares of Marvell Technology during the 2nd quarter worth about $510,085,000. Norges Bank bought a new stake in shares of Marvell Technology during the 4th quarter worth about $511,215,000. BlackRock Inc. boosted its holdings in shares of Marvell Technology by 10.9% during the 2nd quarter. BlackRock Inc. now owns 58,468,789 shares of the semiconductor company’s stock worth $3,495,264,000 after buying an additional 5,739,560 shares during the period. Finally, Brown Advisory Inc. raised its holdings in 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 acquiring an additional 3,036,495 shares during the period. 83.51% of the stock is currently owned by 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.