Marvell Technology (NASDAQ:MRVL) Shares Gap Up - Should You Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $75.93, but opened at $79.03. Marvell Technology shares last traded at $78.93, with a volume of 8,040,116 shares.

Wall Street Analyst Weigh In

Several analysts recently commented on the stock. B. Riley reaffirmed a "buy" rating and set a $115.00 target price (up previously from $110.00) on shares of Marvell Technology in a report on Wednesday, June 18th. TD Cowen upped their price objective on shares of Marvell Technology from $60.00 to $70.00 and gave the stock a "buy" rating in a research report on Friday, May 30th. KeyCorp lowered their price objective on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Roth Capital set a $100.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Finally, Wells Fargo & Company decreased their price objective on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating for the company in a research report on Friday, May 30th. Six equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus target price of $96.33.

Marvell Technology Stock Down 3.5%

The business has a 50-day simple moving average of $64.38 and a two-hundred day simple moving average of $83.26. The stock has a market capitalization of $66.65 billion, a P/E ratio of -135.37, a PEG ratio of 0.87 and a beta of 1.76. The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last announced its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.01. Marvell Technology had a positive return on equity of 8.42% and a negative net margin of 7.56%. The firm had revenue of $1.90 billion for the quarter, compared to analysts' expectations of $1.88 billion. During the same period in the prior year, the business posted $0.24 earnings per share. The business's revenue was up 63.3% compared to the same quarter last year. Equities research analysts forecast that Marvell Technology, Inc. will post 0.91 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, July 31st. Shareholders of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.31%. The ex-dividend date of this dividend is Friday, July 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction dated Monday, June 16th. The shares were sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the transaction, the chief financial officer now owns 121,348 shares in the company, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,394 shares of company stock valued at $1,656,076. 0.19% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds have recently added to or reduced their stakes in the company. Intrepid Financial Planning Group LLC boosted its holdings in Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after buying an additional 90 shares during the last quarter. PDS Planning Inc boosted its holdings in Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after buying an additional 92 shares during the last quarter. Private Trust Co. NA boosted its holdings in Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after buying an additional 97 shares during the last quarter. Tradewinds LLC. boosted its holdings in Marvell Technology by 0.7% during the fourth quarter. Tradewinds LLC. now owns 14,050 shares of the semiconductor company's stock worth $1,552,000 after buying an additional 101 shares during the last quarter. Finally, SRS Capital Advisors Inc. boosted its holdings in Marvell Technology by 19.3% during the fourth quarter. SRS Capital Advisors Inc. now owns 693 shares of the semiconductor company's stock worth $77,000 after buying an additional 112 shares during the last quarter. Institutional investors 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.