Marvell Technology (NASDAQ:MRVL) Shares Up 1.6% – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 1.6% during mid-day trading on Monday . The stock traded as high as $112.87 and last traded at $112.40. Approximately 2,659,725 shares changed hands during trading, a decline of 80% from the average daily volume of 13,076,922 shares. The stock had previously closed at $110.62.

Analyst Ratings Changes

MRVL has been the topic of several research analyst reports. Citigroup increased their price target on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. Morgan Stanley lowered their price target on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating on the stock in a report on Tuesday, January 28th. Bank of America boosted their target price on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The stock has a fifty day simple moving average of $114.53 and a 200-day simple moving average of $89.94. The company has a market capitalization of $91.22 billion, a price-to-earnings ratio of -62.01, a P/E/G ratio of 1.77 and a beta of 1.40.

Marvell Technology Dividend Announcement

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

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, 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 completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,755 shares of company stock valued at $4,361,430. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently modified their holdings of the company. Norges Bank purchased a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the fourth quarter worth approximately $802,410,000. Wellington Management Group LLP raised its position in 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 valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Raymond James Financial Inc. acquired a new stake in shares of Marvell Technology during the 4th quarter worth about $366,896,000. Finally, Artisan Partners Limited Partnership raised its holdings in Marvell Technology by 98.4% in the 4th quarter. Artisan Partners Limited Partnership now owns 4,100,825 shares of the semiconductor company’s stock valued at $452,936,000 after buying an additional 2,034,353 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.