Marvell Technology (NASDAQ:MRVL) Trading 1% Higher – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 1% on Wednesday . The company traded as high as $69.40 and last traded at $68.95. Approximately 2,272,639 shares changed hands during mid-day trading, a decline of 82% from the average daily volume of 12,633,884 shares. The stock had previously closed at $68.28.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. UBS Group increased their price target on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Barclays lowered their target price on Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. TD Cowen dropped their price target on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and issued a $135.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Evercore ISI boosted their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Three equities research 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 stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Trading Up 1.4 %

The firm has a market cap of $59.99 billion, a P/E ratio of -40.73, a PEG ratio of 1.61 and a beta of 1.42. The company has a 50 day moving average of $101.86 and a 200 day moving average of $93.89. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Insiders Place Their Bets

In other news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred 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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock valued at $4,026,768 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Centricity Wealth Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at approximately $26,000. ORG Partners LLC raised its stake in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares in the last quarter. Rialto Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth $27,000. Kieckhefer Group LLC acquired a new stake in Marvell Technology during the fourth quarter worth $33,000. Finally, Financial Life Planners bought a new stake in Marvell Technology in the 4th quarter valued at $33,000. Institutional investors and hedge funds 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.