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

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVLFree Report) from a sell rating to a hold rating in a research note published on Saturday morning.

MRVL has been the topic of a number of other reports. Citigroup reissued a buy rating and issued a $91.00 price target on shares of Marvell Technology in a report on Wednesday, March 27th. Barclays upped their target price on shares of Marvell Technology from $70.00 to $75.00 and gave the stock an overweight rating in a research report on Tuesday, January 16th. Stifel Nicolaus reiterated a buy rating and issued a $86.00 price target on shares of Marvell Technology in a report on Friday, April 12th. B. Riley reissued a buy rating and set a $95.00 price objective (up previously from $85.00) on shares of Marvell Technology in a report on Monday, March 4th. Finally, Raymond James boosted their target price on Marvell Technology from $62.00 to $78.00 and gave the stock an outperform rating in a research report on Friday, January 19th. Two equities research analysts have rated the stock with a hold rating and twenty have assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of Moderate Buy and a consensus price target of $81.13.

Read Our Latest Analysis on MRVL

Marvell Technology Price Performance

NASDAQ MRVL opened at $62.13 on Friday. 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 has a 12 month low of $36.90 and a 12 month high of $85.76. The stock has a market cap of $53.80 billion, a price-to-earnings ratio of -57.53, a PEG ratio of 4.54 and a beta of 1.50. The company’s 50 day moving average is $70.12 and its two-hundred day moving average is $62.27.

Marvell Technology (NASDAQ:MRVLGet Free Report) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share 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 company had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same quarter in the previous year, the company earned $0.34 EPS. Marvell Technology’s revenue for the quarter was up .6% on a year-over-year basis. As a group, research analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current year.

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 paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio is presently -22.22%.

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

Insider Transactions at Marvell Technology

In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, March 14th. The stock was 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 owns 732,929 shares of the company’s stock, valued at $48,497,911.93. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction dated Monday, April 15th. The shares were sold at an average price of $71.25, for a total value of $356,250.00. Following the completion of the sale, the executive vice president now directly owns 109,117 shares of the company’s stock, valued at $7,774,586.25. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 108,000 shares of company stock valued at $7,315,640. 0.45% 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 business. Core Wealth Partners LLC boosted its position in Marvell Technology by 12.9% during the 1st quarter. Core Wealth Partners LLC now owns 4,745 shares of the semiconductor company’s stock valued at $336,000 after acquiring an additional 544 shares in the last quarter. First Trust Direct Indexing L.P. boosted its position in Marvell Technology by 28.8% during the first quarter. First Trust Direct Indexing L.P. now owns 9,108 shares of the semiconductor company’s stock valued at $646,000 after purchasing an additional 2,034 shares in the last quarter. Kovack Advisors Inc. raised its holdings in Marvell Technology by 4.8% in the first quarter. Kovack Advisors Inc. now owns 4,222 shares of the semiconductor company’s stock worth $299,000 after purchasing an additional 192 shares in the last quarter. Norden Group LLC purchased a new stake in shares of Marvell Technology during the first quarter valued at about $2,374,000. Finally, Bourgeon Capital Management LLC boosted its holdings in shares of Marvell Technology by 12,347.6% in the 1st quarter. Bourgeon Capital Management LLC now owns 126,966 shares of the semiconductor company’s stock valued at $8,999,000 after buying an additional 125,946 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Company Profile

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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.

Further Reading

Analyst Recommendations for Marvell Technology (NASDAQ:MRVL)

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