Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report) was the target of a large growth in short interest in the month of April. As of April 15th, there was short interest totalling 24,180,000 shares, a growth of 35.8% from the March 31st total of 17,810,000 shares. Based on an average trading volume of 14,020,000 shares, the short-interest ratio is currently 1.7 days.
Insider Activity at Marvell Technology
In related news, EVP Chris Koopmans sold 5,000 shares of the 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 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Matthew J. Murphy sold 30,000 shares of the stock in a transaction that occurred on Thursday, February 15th. The shares were 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 value of $339,900.00. Following the sale, the executive vice president now directly owns 119,117 shares of the company’s stock, valued at $8,097,573.66. The disclosure for this sale can be found here. Insiders have sold 110,500 shares of company stock worth $7,477,515 in the last ninety days. Company insiders own 0.45% of the company’s stock.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Norges Bank acquired a new position in Marvell Technology in the fourth quarter valued at about $511,215,000. Matrix Capital Management Company LP raised its stake in Marvell Technology by 54.3% in the third quarter. Matrix Capital Management Company LP now owns 13,166,824 shares of the semiconductor company’s stock valued at $712,720,000 after purchasing an additional 4,634,127 shares in the last quarter. Brown Advisory Inc. raised its stake in Marvell Technology by 25.9% in the fourth quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after purchasing an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd raised its stake in Marvell Technology by 103.8% in the fourth quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock valued at $344,525,000 after purchasing an additional 2,908,912 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA raised its stake in Marvell Technology by 43.7% in the third quarter. Massachusetts Financial Services Co. MA now owns 7,043,353 shares of the semiconductor company’s stock valued at $381,257,000 after purchasing an additional 2,142,391 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company’s stock.
Analyst Upgrades and Downgrades
A number of analysts recently issued reports on the company. Barclays increased their target price on Marvell Technology from $70.00 to $75.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 16th. Evercore ISI began coverage on shares of Marvell Technology in a research note on Tuesday, April 16th. They set an “outperform” rating and a $88.00 price target for the company. Rosenblatt Securities reaffirmed a “buy” rating and set a $100.00 price target on shares of Marvell Technology in a research note on Monday, March 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and twenty have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $81.13.
Marvell Technology Stock Performance
Shares of MRVL traded up $2.14 during midday trading on Friday, reaching $69.62. 11,543,835 shares of the stock were exchanged, compared to its average volume of 11,314,156. Marvell Technology has a twelve month low of $37.71 and a twelve month high of $85.76. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27. The company has a market cap of $60.29 billion, a P/E ratio of -64.46, a PEG ratio of 5.09 and a beta of 1.50. The stock’s 50 day simple moving average is $69.87 and its 200 day simple moving average is $62.67.
Marvell Technology (NASDAQ:MRVL – Get Free Report) last posted its earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.46. Marvell Technology had a positive return on equity of 4.96% and a negative net margin of 16.95%. The company had revenue of $1.43 billion during the quarter, compared to the consensus estimate of $1.42 billion. During the same quarter last year, the firm earned $0.34 earnings per share. The company’s revenue was up .6% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology will post 0.72 earnings per share for the current year.
Marvell Technology Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Friday, April 12th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.
Marvell Technology announced that its board has authorized a share buyback program on Thursday, March 7th that permits the company to buyback $3.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 4.8% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s board believes its shares are undervalued.
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.