Marvell Technology (NASDAQ:MRVL) Hits New 12-Month High – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $126.99 and last traded at $124.95, with a volume of 211603 shares traded. The stock had previously closed at $124.76.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MRVL. The Goldman Sachs Group increased their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Barclays raised their price objective on Marvell Technology from $115.00 to $150.00 and gave the stock an “overweight” rating in a research report on Friday, January 17th. Bank of America upped their target price on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Benchmark reissued a “buy” rating and issued a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Finally, TD Cowen raised their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus price target of $125.38.

Marvell Technology Stock Up 1.2 %

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 firm’s 50-day moving average price is $108.68 and its 200 day moving average price is $85.65.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 31,755 shares of company stock worth $3,615,030 in the last three months. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. State Street Corp boosted its holdings in shares of Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares during the period. Ameriprise Financial Inc. boosted its stake in Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Geode Capital Management LLC increased its holdings in Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after purchasing an additional 219,692 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock valued at $627,034,000 after purchasing an additional 359,005 shares during the period. Finally, Van ECK Associates Corp lifted its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors.

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.