Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.8% After Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 1.8% during mid-day trading on Wednesday following insider buying activity. The company traded as high as $80.95 and last traded at $80.85. Approximately 4,409,399 shares changed hands during mid-day trading, a decline of 64% from the average daily volume of 12,346,725 shares. The stock had previously closed at $79.41.

Specifically, CEO Matthew J. Murphy acquired 13,000 shares of the stock in a transaction dated Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the transaction, the chief executive officer now owns 221,915 shares in the company, valued at $17,227,261.45. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Analysts Set New Price Targets

MRVL has been the subject of a number of analyst reports. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price objective (up from $90.00) on shares of Marvell Technology in a research report on Friday, August 30th. Morgan Stanley upped their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Roth Mkm reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Needham & Company LLC reaffirmed a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Finally, StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 10th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a 50 day moving average price of $71.23 and a 200 day moving average price of $70.12. The firm has a market cap of $69.17 billion, a PE ratio of -70.72, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, hitting the consensus estimate of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s quarterly revenue was down 5.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.18 earnings per share. Sell-side analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.24%.

Institutional Trading of Marvell Technology

Institutional investors have recently added to or reduced their stakes in the stock. American International Group Inc. grew its holdings in Marvell Technology by 1.5% in the fourth quarter. American International Group Inc. now owns 66,986 shares of the semiconductor company’s stock valued at $4,040,000 after purchasing an additional 993 shares during the last quarter. PNC Financial Services Group Inc. lifted its holdings in shares of Marvell Technology by 5.5% in the fourth quarter. PNC Financial Services Group Inc. now owns 60,016 shares of the semiconductor company’s stock valued at $3,620,000 after purchasing an additional 3,109 shares in the last quarter. HighPoint Advisor Group LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $419,000. CWM LLC raised its position in shares of Marvell Technology by 10.3% during the 1st quarter. CWM LLC now owns 15,761 shares of the semiconductor company’s stock worth $1,117,000 after purchasing an additional 1,472 shares during the last quarter. Finally, NBC Securities Inc. grew its holdings in Marvell Technology by 124.8% during the 1st quarter. NBC Securities Inc. now owns 1,938 shares of the semiconductor company’s stock valued at $137,000 after buying an additional 1,076 shares during the last quarter. Hedge funds and other institutional investors 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.