Marvell Technology (NASDAQ:MRVL) Shares Up 3.8% – Time to Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shot up 3.8% during trading on Wednesday . The company traded as high as $112.50 and last traded at $111.34. 4,341,984 shares traded hands during trading, a decline of 66% from the average session volume of 12,772,446 shares. The stock had previously closed at $107.29.

Analysts Set New Price Targets

MRVL has been the subject of a number of recent analyst reports. Stifel Nicolaus raised their price target on shares of Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday, January 6th. The Goldman Sachs Group raised their target price on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a research note on Friday, January 10th. Needham & Company LLC boosted their price target on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Finally, Piper Sandler restated an “overweight” rating and set a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Trading Down 4.5 %

The firm’s fifty day moving average price is $113.59 and its 200-day moving average price is $92.01. The company has a market cap of $89.86 billion, a price-to-earnings ratio of -61.09, a P/E/G ratio of 1.64 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly 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 SEC, which is available through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares in the company, valued at $2,791,778. The trade was a 9.19 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 36,255 shares of company stock worth $4,330,980. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. Exchange Traded Concepts LLC boosted its holdings in shares of Marvell Technology by 125.4% in the third quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company’s stock valued at $44,000 after acquiring an additional 336 shares in the last quarter. Creative Planning lifted its position in Marvell Technology by 37.5% in the third quarter. Creative Planning now owns 103,740 shares of the semiconductor company’s stock worth $7,482,000 after purchasing an additional 28,286 shares during the period. Swedbank AB boosted its stake in Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock valued at $170,037,000 after purchasing an additional 23,680 shares in the last quarter. Whittier Trust Co. increased its position in shares of Marvell Technology by 74.5% during the 3rd 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. Finally, Sequoia Financial Advisors LLC increased its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 15,072 shares of the semiconductor company’s stock valued at $1,087,000 after purchasing an additional 3,171 shares during the period. Institutional investors own 83.51% of the company’s stock.

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.