Marvell Technology (NASDAQ:MRVL) Trading 2.4% Higher – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 2.4% during trading on Wednesday . The company traded as high as $119.09 and last traded at $118.01. 2,565,078 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 9,413,091 shares. The stock had previously closed at $115.20.

Analysts Set New Price Targets

MRVL has been the subject of several research reports. TD Cowen lifted their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Wells Fargo & Company lifted their price target on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday. Finally, JPMorgan Chase & Co. boosted their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock 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 given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $123.08.

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 company’s 50-day moving average price is $106.09 and its 200-day moving average price is $84.09. The company has a market cap of $107.95 billion, a P/E ratio of -73.39, a P/E/G ratio of 3.76 and a beta of 1.41.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is -14.12%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 28,500 shares of company stock valued at $2,967,670 over the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently bought and sold shares of MRVL. Federated Hermes Inc. raised its stake in shares of Marvell Technology by 21.3% during the 2nd quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock worth $3,454,000 after purchasing an additional 8,666 shares in the last quarter. Citizens Financial Group Inc. RI bought a new stake in Marvell Technology during the second quarter worth $540,000. E Fund Management Co. Ltd. lifted its stake in Marvell Technology by 7.9% in the second quarter. E Fund Management Co. Ltd. now owns 7,803 shares of the semiconductor company’s stock valued at $545,000 after acquiring an additional 572 shares during the last quarter. Argent Trust Co grew its position in shares of Marvell Technology by 4.2% in the 2nd quarter. Argent Trust Co now owns 6,753 shares of the semiconductor company’s stock valued at $472,000 after acquiring an additional 275 shares during the period. Finally, Mercer Global Advisors Inc. ADV increased its stake in shares of Marvell Technology by 21.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock worth $2,344,000 after purchasing an additional 5,969 shares during the last quarter. 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.