Marvell Technology (NASDAQ:MRVL) Shares Up 1.9% – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shot up 1.9% during trading on Wednesday . The stock traded as high as $116.00 and last traded at $115.95. 5,660,902 shares traded hands during trading, a decline of 55% from the average session volume of 12,683,165 shares. The stock had previously closed at $113.76.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on MRVL. Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a research report on Thursday, December 5th. Citigroup upped their price target on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald lifted their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Stock Down 0.2 %

The firm has a market cap of $100.12 billion, a price-to-earnings ratio of -68.06, a PEG ratio of 4.03 and a beta of 1.46. The firm has a fifty day moving average price of $96.06 and a 200-day moving average price of $79.24. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Transactions at Marvell Technology

In other news, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was acquired at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the acquisition, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This represents a 6.22 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the completion of the transaction, the chief financial officer now owns 110,253 shares in the company, valued at $8,875,366.50. The trade was a 1.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 175,000 shares of company stock worth $14,444,745 in the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Citizens Financial Group Inc. RI grew its stake in Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after buying an additional 116 shares during the period. Crumly & Associates Inc. boosted its position in Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after purchasing an additional 121 shares during the period. United Capital Management of KS Inc. increased its holdings in Marvell Technology by 0.4% in the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after purchasing an additional 131 shares in the last quarter. Integrated Wealth Concepts LLC raised its position in Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during the period. Finally, ASB Consultores LLC lifted its stake in shares of Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 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.