Marvell Technology (NASDAQ:MRVL) Shares Down 1.2%

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 1.2% during trading on Thursday . The company traded as low as $70.53 and last traded at $71.42. Approximately 4,420,366 shares traded hands during mid-day trading, a decline of 70% from the average daily volume of 14,522,617 shares. The stock had previously closed at $72.31.

Analyst Upgrades and Downgrades

MRVL has been the subject of a number of recent research reports. Susquehanna reduced their target price on shares of Marvell Technology from $70.00 to $65.00 and set a “positive” rating for the company in a research report on Friday, December 1st. Rosenblatt Securities reiterated a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research report on Monday, March 4th. KeyCorp lowered their price objective on shares of Marvell Technology from $80.00 to $70.00 and set an “overweight” rating for the company in a research note on Friday, December 1st. Raymond James raised their price objective on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a research note on Friday, January 19th. Finally, Summit Insights raised shares of Marvell Technology from a “hold” rating to a “buy” rating in a research note on Friday, March 8th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $75.75.

Marvell Technology Stock Down 2.0 %

The firm has a market capitalization of $61.38 billion, a PE ratio of -66.13, a price-to-earnings-growth ratio of 5.01 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 firm’s 50-day moving average is $69.74 and its 200 day moving average is $60.32.

Marvell Technology (NASDAQ:MRVL) last released its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.46. The company had revenue of $1.43 billion for the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The firm’s quarterly revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm earned $0.34 EPS. As a group, research analysts forecast that Marvell Technology, Inc. will post 0.72 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th will be issued a $0.06 dividend. The ex-dividend date is Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is -22.22%.

Marvell Technology declared that its board has approved a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s board of directors believes its stock is undervalued.

Insider Activity

In related news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total transaction of $326,300.00. Following the completion of the sale, the executive vice president now owns 124,117 shares of the company’s stock, valued at approximately $8,099,875.42. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Tuesday, January 16th. The shares were sold at an average price of $65.26, for a total value of $326,300.00. Following the completion of the sale, the executive vice president now owns 124,117 shares of the company’s stock, valued at $8,099,875.42. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction that occurred on Monday, March 18th. The shares were sold at an average price of $67.79, for a total transaction of $67,790.00. Following the completion of the sale, the chief financial officer now directly owns 102,986 shares of the company’s stock, valued at approximately $6,981,420.94. The disclosure for this sale can be found here. Insiders sold a total of 138,000 shares of company stock valued at $8,983,290 in the last 90 days. 0.45% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

A number of hedge funds have recently made changes to their positions in MRVL. FMR LLC boosted its holdings in Marvell Technology by 0.3% in the third quarter. FMR LLC now owns 129,418,936 shares of the semiconductor company’s stock worth $7,005,447,000 after purchasing an additional 421,622 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Marvell Technology by 2.7% during the fourth quarter. Vanguard Group Inc. now owns 72,342,362 shares of the semiconductor company’s stock valued at $4,362,968,000 after acquiring an additional 1,890,753 shares during the period. Moneta Group Investment Advisors LLC boosted its holdings in shares of Marvell Technology by 118,898.0% during the fourth 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 acquiring an additional 62,400,056 shares during the period. BlackRock Inc. boosted its holdings in shares of Marvell Technology by 10.9% during the second quarter. BlackRock Inc. now owns 58,468,789 shares of the semiconductor company’s stock valued at $3,495,264,000 after acquiring an additional 5,739,560 shares during the period. Finally, Capital Research Global Investors boosted its holdings in shares of Marvell Technology by 0.5% during the fourth quarter. Capital Research Global Investors now owns 35,791,266 shares of the semiconductor company’s stock valued at $2,158,601,000 after acquiring an additional 185,479 shares during the period. 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.