Marvell Technology (NASDAQ:MRVL) Earns Outperform Rating from Analysts at Evercore ISI

Evercore ISI assumed coverage on shares of Marvell Technology (NASDAQ:MRVL) in a research report report published on Tuesday morning, Marketbeat reports. The firm issued an outperform rating and a $88.00 target price on the semiconductor company’s stock.

Other equities research analysts have also issued research reports about the company. Stifel Nicolaus reiterated a buy rating and issued a $86.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Cantor Fitzgerald reiterated an overweight rating and issued a $85.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Rosenblatt Securities reiterated a buy rating and issued a $100.00 target price on shares of Marvell Technology in a research note on Monday, March 4th. Needham & Company LLC reiterated a buy rating and issued a $95.00 target price on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Morgan Stanley increased their price target on Marvell Technology from $63.00 to $84.00 and gave the company an equal weight rating in a report on Thursday, March 7th. One investment 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. According to data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average target price of $81.13.

Marvell Technology Stock Performance

Marvell Technology stock opened at $68.28 on Tuesday. The firm has a market capitalization of $59.13 billion, a P/E ratio of -63.22, a PEG ratio of 5.13 and a beta of 1.50. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27. The stock has a fifty day moving average price of $70.43 and a 200 day moving average price of $62.09. Marvell Technology has a 52 week low of $36.90 and a 52 week high of $85.76.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 EPS for the quarter, hitting the consensus estimate of $0.46. The company had revenue of $1.43 billion during the quarter, compared to analyst estimates of $1.42 billion. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The firm’s revenue was up .6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.34 earnings per share. Equities 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. Stockholders of record on Friday, April 12th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.35%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s payout ratio is -22.22%.

Marvell Technology announced that its Board of Directors has authorized a share repurchase 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 purchase up to 4.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its shares are undervalued.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 5,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.98, for a total transaction of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares in the company, valued at approximately $8,097,573.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The stock was sold at an average price of $67.67, for a total value 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 legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 15th. The shares were sold at an average price of $67.98, for a total value of $339,900.00. Following the completion of the sale, the executive vice president now owns 119,117 shares in the company, valued at $8,097,573.66. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 73,000 shares of company stock worth $4,894,790. 0.45% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several large investors have recently added to or reduced their stakes in the business. Bruce G. Allen Investments LLC increased its position in Marvell Technology by 56.4% in the 1st quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock valued at $28,000 after acquiring an additional 141 shares during the period. SJS Investment Consulting Inc. increased its position in Marvell Technology by 56.8% in the 4th quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 155 shares during the period. Blue Trust Inc. increased its position in Marvell Technology by 23.4% in the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock valued at $45,000 after acquiring an additional 155 shares during the period. Versant Capital Management Inc increased its position in Marvell Technology by 34.7% in the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock valued at $38,000 after acquiring an additional 161 shares during the period. Finally, Edmond DE Rothschild Holding S.A. increased its position in Marvell Technology by 0.5% in the 4th quarter. Edmond DE Rothschild Holding S.A. now owns 30,764 shares of the semiconductor company’s stock valued at $1,855,000 after acquiring an additional 162 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.