Marvell Technology (NASDAQ:MRVL) Trading Down 10.8%

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report)’s stock price dropped 10.8% during trading on Friday . The company traded as low as $67.88 and last traded at $68.52. Approximately 14,317,842 shares were traded during mid-day trading, an increase of 9% from the average daily volume of 13,148,512 shares. The stock had previously closed at $76.85.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Citigroup reiterated a “buy” rating and issued a $91.00 target price on shares of Marvell Technology in a research report on Wednesday, March 27th. Evercore ISI lifted their target price on shares of Marvell Technology from $88.00 to $91.00 and gave the stock an “outperform” rating in a research report on Friday. Needham & Company LLC reiterated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a research report on Friday. StockNews.com cut shares of Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday, May 15th. Finally, 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. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $85.00.

Get Our Latest Research Report on MRVL

Marvell Technology Trading Down 10.5 %

The firm’s 50 day moving average price is $70.14 and its 200-day moving average price is $66.20. The stock has a market cap of $59.55 billion, a P/E ratio of -60.89, a P/E/G ratio of 3.86 and a beta of 1.48. The company has a debt-to-equity ratio of 0.27, a current ratio of 1.69 and a quick ratio of 1.21.

Marvell Technology (NASDAQ:MRVLGet Free Report) last issued its earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.24. The firm had revenue of $1.16 billion for the quarter, compared to the consensus estimate of $1.15 billion. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.46%. The business’s revenue was down 12.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share. As a group, equities research analysts forecast that Marvell Technology, Inc. will post 0.73 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Investors of record on Friday, April 12th were given a dividend of $0.06 per share. The ex-dividend date was Thursday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. Marvell Technology’s dividend payout ratio (DPR) is -21.24%.

Marvell Technology declared that its Board of Directors has authorized a share buyback plan on Thursday, March 7th that authorizes the company to buyback $3.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to buy up to 4.8% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Insider Activity 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 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 owns 732,929 shares in the company, 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 other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $66.44, for a total transaction of $332,200.00. Following the completion of the sale, the executive vice president now directly owns 114,117 shares of the company’s stock, valued at $7,581,933.48. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Matthew J. Murphy sold 30,000 shares of the company’s stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 732,929 shares of the company’s stock, valued at $48,497,911.93. The disclosure for this sale can be found here. Insiders have sold a total of 110,500 shares of company stock worth $7,522,055 over the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. SJS Investment Consulting Inc. increased its stake in shares of Marvell Technology by 56.8% in the fourth quarter. SJS Investment Consulting Inc. now owns 428 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 155 shares in the last quarter. Bruce G. Allen Investments LLC increased its stake in shares of Marvell Technology by 56.4% in the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after purchasing an additional 141 shares in the last quarter. Oliver Lagore Vanvalin Investment Group increased its stake in shares of Marvell Technology by 46.2% in the fourth quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after purchasing an additional 165 shares in the last quarter. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the first quarter worth $31,000. Finally, Raleigh Capital Management Inc. increased its stake in shares of Marvell Technology by 532.3% in the third quarter. Raleigh Capital Management Inc. now owns 626 shares of the semiconductor company’s stock worth $34,000 after purchasing an additional 527 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

(Get Free Report)

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.

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