Marvell Technology (NASDAQ:MRVL) Trading 2.8% Higher – Should You Buy?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 2.8% during mid-day trading on Wednesday . The stock traded as high as $71.33 and last traded at $69.03. Approximately 6,365,703 shares were traded during trading, a decline of 50% from the average daily volume of 12,737,943 shares. The stock had previously closed at $67.16.

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on MRVL shares. TD Cowen cut their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Evercore ISI boosted their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Craig Hallum raised their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Finally, Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Up 3.9 %

The stock has a market capitalization of $60.40 billion, a price-to-earnings ratio of -41.08, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business has a fifty day moving average of $106.49 and a 200 day moving average of $93.94.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, Director Brad W. Buss acquired 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 7,755 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Insiders sold a total of 36,255 shares of company stock worth $4,330,980 over the last three months. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently bought and sold shares of MRVL. Norges Bank acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the 4th quarter worth approximately $802,410,000. Nuveen Asset Management LLC lifted its holdings in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock worth $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP boosted its position in Marvell Technology by 43.1% in 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 buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. grew its stake in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares in the last quarter. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.