Marvell Technology, Inc. (NASDAQ:MRVL) Sees Large Increase in Short Interest

Marvell Technology, Inc. (NASDAQ:MRVL) was the target of a significant increase in short interest during the month of April. As of April 15th, there was short interest totalling 24,180,000 shares, an increase of 35.8% from the March 31st total of 17,810,000 shares. Based on an average daily volume of 14,020,000 shares, the days-to-cover ratio is presently 1.7 days.

Marvell Technology Stock Down 1.2 %

Shares of NASDAQ:MRVL opened at $68.75 on Tuesday. The stock has a market capitalization of $59.54 billion, a P/E ratio of -63.66, a price-to-earnings-growth ratio of 5.09 and a beta of 1.50. The stock’s 50-day moving average price is $69.92 and its 200-day moving average price is $62.83. 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 $38.63 and a 12-month high of $85.76.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The business had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the company earned $0.34 EPS. Marvell Technology’s revenue for the quarter was up .6% compared to the same quarter last year. On average, equities analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders 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 0.35%. Marvell Technology’s payout ratio is currently -22.22%.

Marvell Technology declared that its board has initiated a share repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several analysts have issued reports on MRVL shares. UBS Group increased their target price on shares of Marvell Technology from $70.00 to $83.00 and gave the stock a “buy” rating in a research note on Monday, February 26th. Stifel Nicolaus reissued a “buy” rating and set a $86.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Barclays boosted their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 16th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Wednesday, March 27th. Finally, Raymond James upped their price objective 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $81.13.

Insider Buying and Selling at Marvell Technology

In other news, CEO Matthew J. Murphy sold 30,000 shares of Marvell Technology stock in a transaction dated Thursday, February 15th. The shares were sold at an average price of $67.67, for a total value of $2,030,100.00. Following the completion of the transaction, the chief executive officer now owns 762,929 shares in the company, valued at $51,627,405.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the business’s stock in a transaction on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total transaction of $2,030,100.00. Following the sale, the chief executive officer now directly owns 762,929 shares in the company, valued at approximately $51,627,405.43. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was 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 of the company’s stock, valued at approximately $1,376,973.50. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock valued at $7,477,515 over the last three months. 0.45% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Hazlett Burt & Watson Inc. lifted its holdings in Marvell Technology by 296.0% in the 1st quarter. Hazlett Burt & Watson Inc. now owns 1,485 shares of the semiconductor company’s stock worth $105,000 after buying an additional 1,110 shares during the period. Commonwealth Equity Services LLC raised its holdings in shares of Marvell Technology by 5.0% during the first quarter. Commonwealth Equity Services LLC now owns 198,733 shares of the semiconductor company’s stock valued at $14,086,000 after acquiring an additional 9,525 shares in the last quarter. Greenleaf Trust lifted its stake in Marvell Technology by 41.1% in the first quarter. Greenleaf Trust now owns 8,928 shares of the semiconductor company’s stock worth $633,000 after acquiring an additional 2,601 shares during the period. Silicon Valley Capital Partners bought a new stake in Marvell Technology in the first quarter valued at $659,000. Finally, Onyx Bridge Wealth Group LLC purchased a new position in Marvell Technology during the 1st quarter valued at $282,000. 83.51% of the stock is owned by 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.