Marvell Technology (NASDAQ:MRVL) Stock Price Up 5.1% on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 5.1% during mid-day trading on Wednesday after Hsbc Global Res upgraded the stock to a hold rating. The company traded as high as $89.31 and last traded at $87.72. Approximately 14,961,033 shares traded hands during trading, a decline of 22% from the average daily volume of 19,155,805 shares. The stock had previously closed at $83.43.

MRVL has been the topic of several other reports. Wall Street Zen raised Marvell Technology from a “hold” rating to a “buy” rating in a research report on Saturday, September 13th. Cowen downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research note on Tuesday, September 30th. HSBC started coverage on Marvell Technology in a report on Monday. They issued a “hold” rating and a $85.00 price objective on the stock. TD Cowen reaffirmed a “hold” rating and set a $85.00 target price (down previously from $90.00) on shares of Marvell Technology in a report on Wednesday, October 1st. Finally, Needham & Company LLC upped their target price on Marvell Technology from $80.00 to $95.00 and gave the company a “buy” rating in a research report on Thursday, September 25th. Three equities research analysts have rated the stock with a Strong Buy rating, twenty have given a Buy rating and fifteen have given a Hold rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $94.41.

Insider Activity

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

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Trifecta Capital Advisors LLC grew its stake in Marvell Technology by 8.8% in the 3rd quarter. Trifecta Capital Advisors LLC now owns 1,430 shares of the semiconductor company’s stock valued at $120,000 after acquiring an additional 116 shares during the period. GAMMA Investing LLC lifted its holdings in Marvell Technology by 1.7% during the third quarter. GAMMA Investing LLC now owns 7,306 shares of the semiconductor company’s stock valued at $614,000 after purchasing an additional 122 shares in the last quarter. FSM Wealth Advisors LLC grew its position in shares of Marvell Technology by 4.4% in the third quarter. FSM Wealth Advisors LLC now owns 2,939 shares of the semiconductor company’s stock valued at $247,000 after purchasing an additional 123 shares during the period. Faithward Advisors LLC grew its position in shares of Marvell Technology by 2.1% in the third quarter. Faithward Advisors LLC now owns 6,242 shares of the semiconductor company’s stock valued at $525,000 after purchasing an additional 126 shares during the period. Finally, Meeder Asset Management Inc. increased its stake in shares of Marvell Technology by 30.4% during the third quarter. Meeder Asset Management Inc. now owns 557 shares of the semiconductor company’s stock worth $47,000 after purchasing an additional 130 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

The stock has a market cap of $75.62 billion, a price-to-earnings ratio of -674.77, a P/E/G ratio of 1.10 and a beta of 1.95. The firm’s 50-day moving average is $85.50 and its two-hundred day moving average is $75.82. The company has a current ratio of 1.88, a quick ratio of 1.44 and a debt-to-equity ratio of 0.30.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, August 28th. The semiconductor company reported $0.67 EPS for the quarter, hitting the consensus estimate of $0.67. Marvell Technology had a positive return on equity of 11.01% and a negative net margin of 1.43%.The company had revenue of $2.01 billion during the quarter, compared to analyst estimates of $2.01 billion. During the same period in the previous year, the business earned $0.30 EPS. Marvell Technology’s quarterly revenue was up 57.6% on a year-over-year basis. As a group, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

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

Marvell Technology announced that its board has initiated a share buyback program on Wednesday, September 24th that allows the company to buyback $5.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 7.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s leadership believes its shares are undervalued.

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.