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

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 2.8% during trading on Monday . The company traded as high as $82.94 and last traded at $82.05. Approximately 2,672,591 shares traded hands during trading, a decline of 78% from the average daily volume of 12,333,642 shares. The stock had previously closed at $79.85.

Wall Street Analyst Weigh In

A number of analysts have issued reports on the stock. Cantor Fitzgerald reiterated an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Rosenblatt Securities increased their target price on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Bank of America boosted their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Roth Mkm reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Needham & Company LLC reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research note on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Stock Down 1.8 %

The company has a market capitalization of $70.83 billion, a price-to-earnings ratio of -73.32, a PEG ratio of 3.17 and a beta of 1.45. The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The firm’s 50 day simple moving average is $72.81 and its 200-day simple moving average is $70.34.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The firm had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 earnings per share. On average, sell-side analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.29%. Marvell Technology’s payout ratio is currently -21.24%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $66.75, for a total value of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total value of $100,125.00. Following the completion of the transaction, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the sale, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 261,000 shares of company stock worth $20,330,835. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Lazard Asset Management LLC grew its position in shares of Marvell Technology by 47,934.4% in the first quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the period. Whale Rock Capital Management LLC acquired a new position in shares of Marvell Technology during the 1st quarter valued at about $181,559,000. Ameriprise Financial Inc. lifted its holdings in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Swedbank AB boosted its position in shares of Marvell Technology by 653.5% in the second quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after acquiring an additional 2,024,269 shares during the last quarter. Finally, Janus Henderson Group PLC grew its holdings in Marvell Technology by 13.4% in the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock valued at $955,400,000 after purchasing an additional 1,591,874 shares during the period. 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.