Marvell Technology (NASDAQ:MRVL) Sees Unusually-High Trading Volume

Marvell Technology, Inc. (NASDAQ:MRVL) saw strong trading volume on Thursday . 7,220,408 shares were traded during trading, a decline of 45% from the previous session’s volume of 13,111,380 shares.The stock last traded at $73.85 and had previously closed at $73.36.

Analysts Set New Price Targets

MRVL has been the topic of several research reports. Roth Mkm reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, April 12th. Barclays boosted their price target on shares of Marvell Technology from $75.00 to $80.00 and gave the stock an “overweight” rating in a research note on Friday, May 31st. UBS Group increased their price objective on Marvell Technology from $70.00 to $83.00 and gave the company a “buy” rating in a research note on Monday, February 26th. StockNews.com cut Marvell Technology from a “hold” rating to a “sell” rating in a research note on Wednesday, May 15th. Finally, Citigroup reaffirmed a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a research report on Wednesday, March 27th. One analyst has rated the stock with a sell rating, one has issued a hold rating and twenty-one have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $85.00.

Marvell Technology Stock Performance

The firm’s fifty day moving average price is $69.85 and its 200-day moving average price is $66.95. The company has a current ratio of 1.80, a quick ratio of 1.24 and a debt-to-equity ratio of 0.28. The firm has a market cap of $62.46 billion, a price-to-earnings ratio of -64.92, a PEG ratio of 3.29 and a beta of 1.46.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, May 30th. The semiconductor company reported $0.24 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.24. Marvell Technology had a negative net margin of 18.33% and a positive return on equity of 4.51%. The firm had revenue of $1.16 billion during the quarter, compared to analysts’ expectations of $1.15 billion. During the same quarter in the prior year, the business earned $0.17 EPS. Marvell Technology’s quarterly revenue was down 12.2% compared to the same quarter last year. Analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, May 1st. Shareholders of record on Friday, April 12th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.33%. The ex-dividend date was Thursday, April 11th. Marvell Technology’s payout ratio is currently -21.24%.

Marvell Technology declared that its Board of Directors has initiated a stock buyback program on Thursday, March 7th that allows the company to buyback $3.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 4.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board believes its stock is undervalued.

Insiders Place Their Bets

In other Marvell Technology news, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Monday, April 15th. The shares were sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the transaction, the chief executive officer now directly owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Chris Koopmans sold 5,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $66.44, for a total value of $332,200.00. Following the completion of the sale, the executive vice president now owns 114,117 shares in the company, valued at approximately $7,581,933.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy sold 30,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $68.82, for a total transaction of $2,064,600.00. Following the completion of the sale, the chief executive officer now owns 716,545 shares of the company’s stock, valued at approximately $49,312,626.90. The disclosure for this sale can be found here. In the last three months, insiders have sold 80,500 shares of company stock valued at $5,536,955. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in MRVL. Janney Montgomery Scott LLC increased its position in Marvell Technology by 2.4% during the third quarter. Janney Montgomery Scott LLC now owns 33,152 shares of the semiconductor company’s stock worth $1,795,000 after purchasing an additional 770 shares during the last quarter. EMC Capital Management acquired a new position in Marvell Technology during the third quarter worth approximately $115,000. Himension Capital Singapore PTE. LTD. acquired a new position in Marvell Technology during the third quarter worth approximately $306,000. PNC Financial Services Group Inc. increased its position in Marvell Technology by 6.1% during the third quarter. PNC Financial Services Group Inc. now owns 56,907 shares of the semiconductor company’s stock worth $3,080,000 after purchasing an additional 3,296 shares during the last quarter. Finally, Aviva PLC increased its position in shares of Marvell Technology by 91.0% in the third quarter. Aviva PLC now owns 459,008 shares of the semiconductor company’s stock worth $24,846,000 after acquiring an additional 218,742 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.