Marvell Technology (NASDAQ:MRVL) Shares Gap Up After Insider Buying Activity

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) gapped up prior to trading on Tuesday following insider buying activity. The stock had previously closed at $77.68, but opened at $80.44. Marvell Technology shares last traded at $80.78, with a volume of 5,169,558 shares.

Specifically, CEO Matthew J. Murphy acquired 13,000 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were acquired at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the transaction, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Analysts Set New Price Targets

MRVL has been the subject of a number of recent research reports. Rosenblatt Securities raised their price objective on shares of Marvell Technology from $100.00 to $120.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and set a $91.00 price target on shares of Marvell Technology in a research note on Monday. KeyCorp boosted their price objective on shares of Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Finally, TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Two research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Up 4.7 %

The company has a market cap of $70.42 billion, a price-to-earnings ratio of -68.74, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The company’s 50 day moving average price is $70.30 and its 200 day moving average price is $69.98. The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates 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 period last year, the company earned $0.18 earnings per share. Research analysts anticipate that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.30%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of MRVL. Creative Planning increased its position in Marvell Technology by 37.5% during the third quarter. Creative Planning now owns 103,740 shares of the semiconductor company’s stock worth $7,482,000 after acquiring an additional 28,286 shares during the period. Wesbanco Bank Inc. increased its holdings in shares of Marvell Technology by 131.2% during the 3rd quarter. Wesbanco Bank Inc. now owns 41,415 shares of the semiconductor company’s stock worth $2,987,000 after purchasing an additional 23,500 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its position in shares of Marvell Technology by 320.3% during the third quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,418 shares of the semiconductor company’s stock valued at $391,000 after buying an additional 4,129 shares during the last quarter. Sunflower Bank N.A. bought a new stake in shares of Marvell Technology in the third quarter valued at about $207,000. Finally, Factory Mutual Insurance Co. grew its position in Marvell Technology by 143.3% during the third quarter. Factory Mutual Insurance Co. now owns 148,809 shares of the semiconductor company’s stock worth $10,732,000 after buying an additional 87,643 shares in the last quarter. 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.