Marvell Technology (NASDAQ:MRVL) Trading Up 3.3% – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) rose 3.3% during mid-day trading on Monday . The company traded as high as $55.02 and last traded at $51.08. Approximately 10,820,112 shares were traded during mid-day trading, a decline of 17% from the average daily volume of 13,100,032 shares. The stock had previously closed at $49.43.

Analyst Ratings Changes

A number of brokerages have commented on MRVL. Melius began coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price target for the company. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Raymond James set a $110.00 target price on Marvell Technology in a research report on Thursday, March 6th. KeyCorp cut their price objective on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Finally, Summit Insights cut shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Three 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 company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

The company has a market capitalization of $52.80 billion, a price-to-earnings ratio of -35.86, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock’s fifty day simple moving average is $82.20 and its 200-day simple moving average is $92.30.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 30,185 shares of company stock valued at $3,131,018. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Zweig DiMenna Associates LLC increased its position in Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after purchasing an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in Marvell Technology during the 4th quarter valued at $637,000. RFG Advisory LLC increased its position in Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares in the last quarter. Franchise Capital Ltd purchased a new stake in shares of Marvell Technology during the fourth quarter worth about $1,476,000. Finally, United Asset Strategies Inc. raised its holdings in Marvell Technology by 7.1% in the 4th quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock valued at $24,287,000 after acquiring an additional 14,547 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other 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.