Marvell Technology (NASDAQ:MRVL) Shares Gap Up After Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $77.68, but opened at $80.44. Marvell Technology shares last traded at $80.78, with a volume of 5,169,558 shares traded.

Specifically, CEO Matthew J. Murphy purchased 13,000 shares of the business’s stock in a transaction dated Monday, October 14th. The shares were bought at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now directly owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.

Wall Street Analyst Weigh In

A number of analysts have recently commented on MRVL shares. Morgan Stanley boosted their price target on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Stifel Nicolaus restated a “buy” rating and issued a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Citigroup restated a “buy” rating and issued a $91.00 price target on shares of Marvell Technology in a report on Monday. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, October 10th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Stock Up 2.2 %

The firm has a 50-day moving average price of $70.30 and a 200 day moving average price of $69.98. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market cap of $68.74 billion, a price-to-earnings ratio of -70.27, a P/E/G ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last posted its earnings results on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. During the same quarter in the prior year, the business earned $0.18 earnings per share. The firm’s revenue for the quarter was down 5.1% on a year-over-year basis. Sell-side analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current year.

Marvell Technology Dividend Announcement

The company also recently announced 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 annualized dividend and a dividend yield of 0.30%. The ex-dividend date is Friday, October 11th. Marvell Technology’s payout ratio is -21.24%.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently added to or reduced their stakes in MRVL. Bruce G. Allen Investments LLC grew its position in Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after buying an additional 141 shares in the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP acquired a new stake in shares of Marvell Technology in the 2nd quarter valued at $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology in the 1st quarter valued at $35,000. Institutional investors and hedge funds 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.