Marvell Technology (NASDAQ:MRVL) Reaches 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 Friday . The company traded as high as $86.85 and last traded at $86.28, with a volume of 3685195 shares. The stock had previously closed at $80.11.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on MRVL shares. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday, October 18th. Piper Sandler restated an “overweight” rating and set a $100.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. Cantor Fitzgerald reiterated an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a research report on Friday, August 30th. Finally, Barclays lifted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Up 8.4 %

The firm has a market cap of $76.94 billion, a PE ratio of -77.73, a PEG ratio of 3.60 and a beta of 1.45. The business’s 50 day moving average price is $74.45 and its 200 day moving average price is $70.81. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26.

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

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.28%. Marvell Technology’s payout ratio is currently -21.62%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’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 sale, the chief financial officer now directly owns 113,253 shares in the company, valued at $7,559,637.75. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock valued at $20,330,835 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently bought and sold shares of the company. Salomon & Ludwin LLC purchased a new stake in shares of Marvell Technology in the 1st quarter valued at approximately $31,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter valued at approximately $32,000. Quarry LP purchased a new position in Marvell Technology in the second quarter worth approximately $32,000. Mark Sheptoff Financial Planning LLC acquired a new stake in Marvell Technology during the first quarter worth $35,000. Finally, Whittier Trust Co. raised its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.