Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Up 35.8% in April

Marvell Technology, Inc. (NASDAQ:MRVL) saw a significant 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 daily trading volume, of 14,020,000 shares, the short-interest ratio is presently 1.7 days.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price objective on shares of Marvell Technology in a research note on Friday, April 12th. Evercore ISI began coverage on shares of Marvell Technology in a research report on Tuesday, April 16th. They issued an “outperform” rating and a $88.00 price objective for the company. Raymond James upped their target price on shares of Marvell Technology from $62.00 to $78.00 and gave the company an “outperform” rating in a report on Friday, January 19th. Roth Mkm reiterated a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Finally, UBS Group upped 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. One analyst has rated the stock with a sell rating, one has assigned a hold rating and twenty have assigned a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $81.13.

Marvell Technology Stock Performance

NASDAQ MRVL opened at $68.75 on Tuesday. Marvell Technology has a 12-month low of $38.63 and a 12-month high of $85.76. The firm has a 50-day moving average price of $69.92 and a two-hundred day moving average price of $62.83. The company has a market capitalization of $59.54 billion, a P/E ratio of -63.66, a P/E/G ratio of 5.09 and a beta of 1.50. The company has a quick ratio of 1.21, a current ratio of 1.69 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.46. The business had revenue of $1.43 billion for the quarter, compared to the consensus estimate 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 quarterly revenue was up .6% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.34 earnings per share. Analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, May 1st. Investors of record on Friday, April 12th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.35%. The ex-dividend date is Thursday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -22.22%.

Marvell Technology declared that its board has approved a stock repurchase plan on Thursday, March 7th that permits the company to repurchase $3.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to purchase up to 4.8% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology 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 owns 119,117 shares of the company’s stock, valued at approximately $8,097,573.66. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Marvell Technology news, EVP Chris Koopmans sold 5,000 shares of Marvell Technology stock in a transaction 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 document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the business’s stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $68.20, for a total transaction of $68,200.00. Following the sale, the chief financial officer now directly owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Insiders sold 110,500 shares of company stock valued at $7,477,515 over the last three months. Company insiders own 0.45% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the company. Bruce G. Allen Investments LLC increased its stake in Marvell Technology by 56.4% in the first 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 last quarter. Trueblood Wealth Management LLC increased its stake in shares of Marvell Technology by 3.2% in the 1st quarter. Trueblood Wealth Management LLC now owns 4,944 shares of the semiconductor company’s stock valued at $350,000 after purchasing an additional 152 shares during the last quarter. SJS Investment Consulting Inc. increased its stake in shares of 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 purchasing an additional 155 shares during the last quarter. Blue Trust Inc. raised its holdings in shares of Marvell Technology by 23.4% during the 4th quarter. Blue Trust Inc. now owns 817 shares of the semiconductor company’s stock worth $45,000 after buying an additional 155 shares in the last quarter. Finally, Versant Capital Management Inc lifted its position in shares of Marvell Technology by 34.7% during the 4th quarter. Versant Capital Management Inc now owns 625 shares of the semiconductor company’s stock worth $38,000 after buying an additional 161 shares during the last quarter. 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.