Marvell Technology (NASDAQ:MRVL) Shares Up 1.3% – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares shot up 1.3% during trading on Friday . The stock traded as high as $81.07 and last traded at $80.91. 1,392,918 shares were traded during mid-day trading, a decline of 89% from the average session volume of 12,358,682 shares. The stock had previously closed at $79.91.

Analysts Set New Price Targets

A number of brokerages recently weighed in on MRVL. Bank of America raised their price objective on Marvell Technology from $85.00 to $90.00 and gave the company a “buy” rating in a research report on Friday, August 30th. Citigroup reaffirmed a “buy” rating and issued a $91.00 price objective on shares of Marvell Technology in a research report on Monday. Needham & Company LLC reissued a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Friday. Finally, TD Cowen raised Marvell Technology to a “strong-buy” rating in a research report on Monday, September 16th. One equities research analyst has rated the stock with a sell rating, one has given a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Stock Performance

The firm’s 50 day moving average is $71.61 and its 200-day moving average is $70.19. The stock has a market capitalization of $69.28 billion, a price-to-earnings ratio of -71.28, a PEG ratio of 3.17 and a beta of 1.45. 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 issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The business had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the firm posted $0.18 earnings per share. The company’s revenue was down 5.1% compared to the same quarter last year. Analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given 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 dividend payout ratio (DPR) is presently -21.24%.

Insider Buying and Selling

In related news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction dated Thursday, September 12th. The shares were sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now directly owns 351,193 shares of the company’s stock, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Marvell Technology news, Director Ford Tamer sold 92,000 shares of the firm’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total value of $6,822,720.00. Following the transaction, the director now owns 351,193 shares in the company, valued at approximately $26,044,472.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $66.75, for a total transaction of $100,125.00. Following the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at $7,559,637.75. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 255,000 shares of company stock valued at $19,846,215. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its holdings in shares of Marvell Technology by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 72,810,448 shares of the semiconductor company’s stock worth $5,160,805,000 after acquiring an additional 468,086 shares during the period. Janus Henderson Group PLC increased its position in Marvell Technology by 13.4% during the first quarter. Janus Henderson Group PLC now owns 13,478,472 shares of the semiconductor company’s stock worth $955,400,000 after purchasing an additional 1,591,874 shares during the last quarter. Ameriprise Financial Inc. raised its stake in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Van ECK Associates Corp grew its stake in shares of Marvell Technology by 17.6% in the 2nd quarter. Van ECK Associates Corp now owns 5,901,773 shares of the semiconductor company’s stock valued at $412,533,000 after buying an additional 884,380 shares during the period. Finally, Clearbridge Investments LLC increased its holdings in shares of Marvell Technology by 3.0% during the 2nd quarter. Clearbridge Investments LLC now owns 5,189,682 shares of the semiconductor company’s stock worth $362,759,000 after buying an additional 150,109 shares during the last quarter. Institutional investors and hedge funds 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.