Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.8% After Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 1.8% during mid-day trading on Wednesday following insider buying activity. The stock traded as high as $80.95 and last traded at $80.85. Approximately 4,409,399 shares changed hands during trading, a decline of 64% from the average daily volume of 12,346,725 shares. The stock had previously closed at $79.41.

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

Wall Street Analyst Weigh In

Several research analysts have weighed in on MRVL shares. Benchmark boosted their price target on Marvell Technology from $105.00 to $115.00 and gave the company a “buy” rating in a report on Friday, August 30th. Bank of America increased their target price on Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research report on Friday, August 30th. Morgan Stanley lifted 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. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, October 10th. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $85.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Price Performance

The company has a market cap of $69.17 billion, a PE ratio of -70.72, a price-to-earnings-growth ratio of 3.17 and a beta of 1.45. The business’s 50 day moving average price is $71.23 and its 200-day moving average price is $70.12. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS 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 firm had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. During the same quarter in the previous year, the business posted $0.18 EPS. The firm’s revenue was down 5.1% compared to the same quarter last year. As a group, analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, October 11th. This represents a $0.24 annualized dividend and a yield of 0.30%. Marvell Technology’s dividend payout ratio is presently -21.24%.

Institutional Trading of Marvell Technology

A number of hedge funds have recently made changes to their positions in MRVL. V Square Quantitative Management LLC grew its holdings in Marvell Technology by 10.4% during the 3rd quarter. V Square Quantitative Management LLC now owns 9,067 shares of the semiconductor company’s stock worth $654,000 after acquiring an additional 854 shares in the last quarter. Sax Wealth Advisors LLC increased its holdings in Marvell Technology by 75.8% in the third quarter. Sax Wealth Advisors LLC now owns 11,140 shares of the semiconductor company’s stock valued at $803,000 after buying an additional 4,803 shares during the last quarter. Onyx Bridge Wealth Group LLC increased its holdings in Marvell Technology by 17.0% in the third quarter. Onyx Bridge Wealth Group LLC now owns 5,137 shares of the semiconductor company’s stock valued at $371,000 after buying an additional 745 shares during the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its holdings in Marvell Technology by 1.4% during the 3rd quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 123,096 shares of the semiconductor company’s stock worth $8,878,000 after buying an additional 1,740 shares during the last quarter. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Marvell Technology in the 3rd quarter worth approximately $330,000. 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.