Marvell Technology (NASDAQ:MRVL) Trading 1.7% Higher – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL) was up 1.7% on Friday . The stock traded as high as $89.53 and last traded at $89.2370. Approximately 11,234,111 shares changed hands during mid-day trading, a decline of 41% from the average daily volume of 19,121,365 shares. The stock had previously closed at $87.72.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on MRVL shares. UBS Group boosted their target price on Marvell Technology from $105.00 to $110.00 and gave the stock a “buy” rating in a report on Monday, November 24th. Oppenheimer increased their price objective on shares of Marvell Technology from $95.00 to $115.00 and gave the stock an “outperform” rating in a research report on Friday, October 10th. Roth Capital restated a “buy” rating on shares of Marvell Technology in a report on Wednesday, October 15th. Raymond James Financial began coverage on shares of Marvell Technology in a research report on Thursday, November 20th. They set a “strong-buy” rating and a $121.00 price target for the company. Finally, Wells Fargo & Company cut their price objective on Marvell Technology from $95.00 to $90.00 and set an “overweight” rating on the stock in a research report on Friday, August 29th. Three research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $94.41.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.88 and a quick ratio of 1.44. The business has a fifty day moving average of $86.07 and a 200 day moving average of $76.15. The stock has a market cap of $76.93 billion, a PE ratio of -686.44, a P/E/G ratio of 1.10 and a beta of 1.95.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 28th. The semiconductor company reported $0.67 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.67. The firm had revenue of $2.01 billion for the quarter, compared to analysts’ expectations of $2.01 billion. Marvell Technology had a negative net margin of 1.43% and a positive return on equity of 11.01%. The firm’s quarterly revenue was up 57.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.30 earnings per share. Sell-side analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 30th. Stockholders of record on Friday, October 10th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.3%. The ex-dividend date was Friday, October 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -184.62%.

Marvell Technology declared that its board has approved a stock buyback plan on Wednesday, September 24th that allows the company to repurchase $5.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 7.8% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Buying and Selling at Marvell Technology

In related news, insider Sandeep Bharathi bought 3,400 shares of the stock in a transaction dated Thursday, September 25th. The stock was bought at an average cost of $78.03 per share, with a total value of $265,302.00. Following the completion of the acquisition, the insider owned 73,392 shares of the company’s stock, valued at $5,726,777.76. This trade represents a 4.86% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Matthew J. Murphy bought 13,600 shares of the business’s stock in a transaction on Thursday, September 25th. The stock was purchased at an average price of $77.09 per share, with a total value of $1,048,424.00. Following the completion of the transaction, the chief executive officer directly owned 268,637 shares of the company’s stock, valued at $20,709,226.33. This trade represents a 5.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought 27,200 shares of company stock worth $2,109,632 in the last ninety days. Insiders own 0.19% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Marvell Technology by 23.5% in the 3rd quarter. Vanguard Group Inc. now owns 79,610,208 shares of the semiconductor company’s stock valued at $6,692,830,000 after acquiring an additional 15,166,976 shares during the last quarter. Norges Bank acquired a new stake in Marvell Technology during the second quarter valued at approximately $716,713,000. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Marvell Technology by 4,758.5% during the second quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 7,036,216 shares of the semiconductor company’s stock worth $544,603,000 after buying an additional 6,891,393 shares in the last quarter. Nuveen LLC acquired a new position in Marvell Technology in the first quarter worth approximately $399,587,000. Finally, Ameriprise Financial Inc. increased its holdings in shares of Marvell Technology by 59.7% in the third quarter. Ameriprise Financial Inc. now owns 16,624,827 shares of the semiconductor company’s stock valued at $1,397,751,000 after buying an additional 6,217,952 shares in the last quarter. Institutional investors 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.