Marvell Technology (NASDAQ:MRVL) Trading 3.1% Higher – Should You Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose 3.1% on Thursday . The stock traded as high as $114.99 and last traded at $113.86. Approximately 3,378,278 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 12,575,554 shares. The stock had previously closed at $110.45.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on MRVL. JPMorgan Chase & Co. increased their price objective on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Wells Fargo & Company increased their price target on shares of Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Evercore ISI boosted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Needham & Company LLC increased their target price on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $125.00 price objective (up previously from $114.00) on shares of Marvell Technology in a report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Trading Up 1.5 %

The stock has a market capitalization of $96.99 billion, a price-to-earnings ratio of -65.93, a PEG ratio of 4.03 and a beta of 1.46. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average is $99.16 and its 200-day moving average is $80.65.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is currently -14.12%.

Insider Transactions at Marvell Technology

In other news, CEO Matthew J. Murphy purchased 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, for a total transaction of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now directly owns 221,915 shares in the company, valued at $17,227,261.45. This represents a 6.22 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 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 transaction of $120,750.00. Following the completion of the transaction, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 172,500 shares of company stock valued at $14,267,670. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of institutional investors have recently modified their holdings of MRVL. Commonwealth Equity Services LLC lifted its holdings in Marvell Technology by 2.7% in the 2nd quarter. Commonwealth Equity Services LLC now owns 204,143 shares of the semiconductor company’s stock valued at $14,270,000 after acquiring an additional 5,410 shares during the last quarter. Farther Finance Advisors LLC grew its position in Marvell Technology by 60.9% in the 2nd quarter. Farther Finance Advisors LLC now owns 6,563 shares of the semiconductor company’s stock worth $466,000 after purchasing an additional 2,484 shares during the last quarter. Essex Financial Services Inc. bought a new stake in Marvell Technology in the 2nd quarter valued at $255,000. D.A. Davidson & CO. grew its position in Marvell Technology by 55.2% in the second quarter. D.A. Davidson & CO. now owns 55,338 shares of the semiconductor company’s stock valued at $3,868,000 after acquiring an additional 19,672 shares during the period. Finally, CIBC Asset Management Inc increased its holdings in shares of Marvell Technology by 6.6% during the second quarter. CIBC Asset Management Inc now owns 178,491 shares of the semiconductor company’s stock worth $12,477,000 after buying an additional 10,979 shares in the last quarter. 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.