Short Interest in Marvell Technology, Inc. (NASDAQ:MRVL) Increases By 35.8%

Marvell Technology, Inc. (NASDAQ:MRVL) was the target of a significant increase in short interest in April. As of April 15th, there was short interest totalling 24,180,000 shares, an increase 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 days-to-cover ratio is presently 1.7 days.

Analysts Set New Price Targets

MRVL has been the topic of several research reports. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a research note on Sunday. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a report on Friday, April 12th. Stifel Nicolaus reiterated a “buy” rating and issued a $86.00 price objective on shares of Marvell Technology in a research report on Friday, April 12th. Cantor Fitzgerald restated an “overweight” rating and issued a $85.00 target price on shares of Marvell Technology in a research report on Friday, April 12th. Finally, Barclays lifted their price target on Marvell Technology from $70.00 to $75.00 and gave the company an “overweight” rating in a report on Tuesday, January 16th. One investment analyst has rated the stock with a sell rating, one has given a hold rating and twenty have given a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $81.13.

Marvell Technology Stock Down 1.2 %

Shares of MRVL opened at $68.75 on Tuesday. Marvell Technology has a one year low of $38.63 and a one year high of $85.76. The company has a 50-day moving average of $69.92 and a two-hundred day moving average of $62.83. The company has a current ratio of 1.69, a quick ratio of 1.21 and a debt-to-equity ratio of 0.27.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, March 7th. The semiconductor company reported $0.46 earnings per share for the quarter, hitting the consensus estimate of $0.46. The firm had revenue of $1.43 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Marvell Technology had a negative net margin of 16.95% and a positive return on equity of 4.96%. The company’s quarterly revenue was up .6% compared to the same quarter last year. During the same period in the previous year, the company posted $0.34 EPS. As a group, equities analysts anticipate that Marvell Technology will post 0.72 earnings per share for the current year.

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

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 issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.35%. The ex-dividend date of this dividend is Thursday, April 11th. Marvell Technology’s dividend payout ratio is currently -22.22%.

Insider Activity

In other news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Friday, April 19th. The stock was sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the sale, the executive vice president now directly owns 21,266 shares in the company, valued at $1,376,973.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were sold at an average price of $64.75, for a total transaction of $161,875.00. Following the completion of the sale, the executive vice president now owns 21,266 shares of the company’s stock, valued at $1,376,973.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Willem A. Meintjes sold 1,000 shares of the stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $68.20, for a total transaction of $68,200.00. Following the transaction, the chief financial officer now owns 103,986 shares in the company, valued at $7,091,845.20. The disclosure for this sale can be found here. Over the last quarter, insiders sold 110,500 shares of company stock worth $7,477,515. 0.45% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Bruce G. Allen Investments LLC increased its holdings in shares of Marvell Technology by 56.4% during the 1st 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. SJS Investment Consulting Inc. raised its position 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 valued at $26,000 after purchasing an additional 155 shares during the period. Buck Wealth Strategies LLC raised its position in shares of Marvell Technology by 1,328.1% in the third quarter. Buck Wealth Strategies LLC now owns 457 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 425 shares during the period. Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the first quarter worth $35,000. Finally, Oliver Lagore Vanvalin Investment Group boosted its holdings in shares of Marvell Technology by 46.2% during the 4th quarter. Oliver Lagore Vanvalin Investment Group now owns 522 shares of the semiconductor company’s stock worth $31,000 after buying an additional 165 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.