Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.9% – Time to Buy?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded up 1.9% during trading on Wednesday . The company traded as high as $116.00 and last traded at $115.95. 5,660,902 shares were traded during mid-day trading, a decline of 55% from the average session volume of 12,683,165 shares. The stock had previously closed at $113.76.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. UBS Group increased their price objective on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Bank of America boosted their price objective on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Oppenheimer boosted their price target on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Rosenblatt Securities lifted their price objective on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, KeyCorp lifted their price target on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Price Performance

The firm has a market capitalization of $100.33 billion, a P/E ratio of -68.21, a PEG ratio of 4.03 and a beta of 1.46. The business’s 50-day simple moving average is $95.38 and its 200 day simple moving average is $78.98. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 5.21 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew J. Murphy acquired 13,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the acquisition, the chief executive officer now owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their position. The disclosure for this purchase can be found here. Insiders sold 175,000 shares of company stock valued at $14,444,745 in the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently modified their holdings of MRVL. Ameriprise Financial Inc. boosted its stake in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the period. Temasek Holdings Private Ltd lifted its holdings in shares of Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP bought a new position in shares of Marvell Technology during the 3rd quarter valued at about $120,116,000. Van ECK Associates Corp increased its position in Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Finally, D1 Capital Partners L.P. bought a new stake in Marvell Technology in the second quarter worth $108,204,000. 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.