Marvell Technology (NASDAQ:MRVL) Trading 1.9% Higher – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) was up 1.9% during mid-day trading on Tuesday . The company traded as high as $54.14 and last traded at $53.25. Approximately 3,047,212 shares changed hands during trading, a decline of 77% from the average daily volume of 13,415,221 shares. The stock had previously closed at $52.26.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the stock. Craig Hallum upped their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Morgan Stanley lowered their price objective on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $119.48.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a market capitalization of $45.97 billion, a P/E ratio of -31.22, a PEG ratio of 1.61 and a beta of 1.78. The firm has a fifty day moving average price of $78.58 and a two-hundred day moving average price of $92.05.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.45%. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 30,185 shares of company stock valued at $3,131,018 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Invesco Ltd. boosted its position in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock worth $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after buying an additional 80,005 shares during the last quarter. Finally, Norges Bank purchased a new position in Marvell Technology in the 4th quarter worth $1,138,354,000. 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.