Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.7% – Should You Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were up 1.7% during mid-day trading on Thursday . The stock traded as high as $71.11 and last traded at $70.97. Approximately 2,227,620 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 12,603,498 shares. The stock had previously closed at $69.81.

Analysts Set New Price Targets

A number of equities analysts have commented on MRVL shares. Wells Fargo & Company reissued an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Evercore ISI boosted their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. KeyCorp decreased their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Bank of America cut their price target on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Finally, Citigroup decreased their price objective on Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Price Performance

The stock’s 50 day moving average is $99.06 and its two-hundred day moving average is $93.52. 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 market capitalization of $60.96 billion, a PE ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -23.53%.

Insider Buying and Selling

In related news, CAO Panteha Dixon sold 1,430 shares of the company’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, the chief accounting officer now directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently made changes to their positions in the company. Swedbank AB increased its position in Marvell Technology by 1.0% during the third quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock worth $170,037,000 after buying an additional 23,680 shares during the period. PNC Financial Services Group Inc. increased its holdings in shares of Marvell Technology by 1.5% in the 3rd quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company’s stock valued at $5,177,000 after acquiring an additional 1,062 shares during the period. Avior Wealth Management LLC increased its holdings in shares of Marvell Technology by 26.2% in the 3rd quarter. Avior Wealth Management LLC now owns 1,363 shares of the semiconductor company’s stock valued at $98,000 after acquiring an additional 283 shares during the period. Citizens Financial Group Inc. RI raised its position in Marvell Technology by 1.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. Finally, Intech Investment Management LLC boosted its stake in Marvell Technology by 16.6% during the 3rd quarter. Intech Investment Management LLC now owns 104,296 shares of the semiconductor company’s stock worth $7,522,000 after purchasing an additional 14,846 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.