Marvell Technology (NASDAQ:MRVL) Shares Up 1.7% – Time to Buy?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was up 1.7% during trading on Wednesday . The stock traded as high as $65.90 and last traded at $64.93. Approximately 8,368,705 shares were traded during trading, a decline of 41% from the average daily volume of 14,220,654 shares. The stock had previously closed at $63.82.

Wall Street Analysts Forecast Growth

A number of research firms have commented on MRVL. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. B. Riley lowered their price objective on shares of Marvell Technology from $135.00 to $110.00 and set a “buy” rating on the stock in a research note on Monday, May 19th. William Blair raised Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Susquehanna cut their price objective on Marvell Technology from $110.00 to $90.00 and set a “positive” rating for the company in a report on Tuesday. Finally, KeyCorp cut their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $98.32.

Marvell Technology Stock Performance

The business has a fifty day simple moving average of $58.96 and a two-hundred day simple moving average of $87.09. 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 company has a market cap of $51.03 billion, a PE ratio of -35.13, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings data on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.61 by $0.01. The company had revenue of $1.90 billion for the quarter, compared to analysts’ expectations of $1.88 billion. Marvell Technology had a positive return on equity of 4.59% and a negative net margin of 27.49%. Marvell Technology’s revenue was up 63.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.24 EPS. Research analysts anticipate that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Stockholders of record on Friday, April 11th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.41%. The ex-dividend date was Friday, April 11th. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In related news, EVP Mark Casper sold 626 shares of the business’s stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the transaction, the executive vice president now owns 626 shares in the company, valued at $38,248.60. The trade was a 50.00% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,239 shares of the business’s stock in a transaction that occurred on Thursday, May 15th. The stock was sold at an average price of $65.01, for a total value of $80,547.39. Following the sale, the chief accounting officer now directly owns 30,855 shares in the company, valued at $2,005,883.55. This trade represents a 3.86% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 33,541 shares of company stock valued at $2,079,948. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the company. Centricity Wealth Management LLC bought a new position in Marvell Technology in the fourth quarter worth about $26,000. Rialto Wealth Management LLC bought a new stake in Marvell Technology during the fourth quarter worth approximately $27,000. Financial Life Planners bought a new stake in Marvell Technology during the fourth quarter worth approximately $33,000. Lee Danner & Bass Inc. bought a new stake in Marvell Technology during the fourth quarter worth approximately $35,000. Finally, Capital Analysts LLC raised its holdings in Marvell Technology by 236.3% during the fourth quarter. Capital Analysts LLC now owns 343 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 241 shares in the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.