Marvell Technology (NASDAQ:MRVL) Shares Up 2.9% – Time to Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 2.9% on Monday . The company traded as high as $107.02 and last traded at $106.51. 13,532,440 shares traded hands during mid-day trading, an increase of 4% from the average session volume of 13,070,750 shares. The stock had previously closed at $103.50.

Analyst Upgrades and Downgrades

A number of equities analysts have issued reports on the company. Morgan Stanley cut their price target on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating for the company in a research note on Tuesday, January 28th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. B. Riley increased their price target on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Craig Hallum raised their price objective on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Piper Sandler reiterated an “overweight” rating and issued a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Stock Performance

The company has a market capitalization of $92.16 billion, a P/E ratio of -62.65, a P/E/G ratio of 1.77 and a beta of 1.40. 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 company’s fifty day moving average is $113.94 and its 200 day moving average is $90.79.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.23%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insider Activity

In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now owns 93,931 shares of the company’s stock, valued at $11,685,016.40. This represents a 6.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 30,255 shares of company stock worth $3,692,880 in the last three months. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in MRVL. State Street Corp increased its stake in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after purchasing an additional 68,893 shares during the period. Invesco Ltd. boosted its stake in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Wellington Management Group LLP grew its holdings in shares of Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the last quarter. Geode Capital Management LLC increased its stake in shares of Marvell Technology by 0.7% in the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock worth $1,263,755,000 after buying an additional 80,005 shares during the period. Finally, Norges Bank bought a new position in shares of Marvell Technology during the fourth quarter valued at about $1,138,354,000. 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.