Marvell Technology (NASDAQ:MRVL) Shares Up 1.4% - Time to Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) rose 1.4% during trading on Thursday . The company traded as high as $69.33 and last traded at $69.19. Approximately 2,850,455 shares were traded during mid-day trading, a decline of 81% from the average daily volume of 14,692,096 shares. The stock had previously closed at $68.24.

Analyst Ratings Changes

A number of equities research analysts have issued reports on MRVL shares. Piper Sandler reiterated an "overweight" rating and set a $85.00 price objective (down from $95.00) on shares of Marvell Technology in a research note on Friday, May 30th. KeyCorp decreased their target price on shares of Marvell Technology from $115.00 to $90.00 and set an "overweight" rating on the stock in a report on Friday, May 30th. Benchmark reissued a "buy" rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, May 30th. Morgan Stanley raised their target price on shares of Marvell Technology from $70.00 to $73.00 and gave the company an "equal weight" rating in a report on Friday, May 30th. Finally, Bank of America decreased their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a report on Wednesday, April 16th. Seven equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $94.73.

Marvell Technology Stock Down 3.5%

The stock has a market cap of $58.04 billion, a price-to-earnings ratio of -39.52, a P/E/G ratio of 1.61 and a beta of 1.76. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock's 50-day moving average price is $60.30 and its 200-day moving average price is $85.20.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last issued its quarterly earnings results on Thursday, May 29th. The semiconductor company reported $0.62 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.61 by $0.01. The firm had revenue of $1.90 billion for the quarter, compared to the consensus estimate of $1.88 billion. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The company's revenue for the quarter was up 63.3% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.24 EPS. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 31st. Stockholders of record on Friday, July 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. Marvell Technology's dividend payout ratio (DPR) is currently -42.11%.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. The trade was a 1.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares in the company, valued at $5,639,310.73. The trade was a 6.82% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 33,541 shares of company stock worth $2,079,948. Company insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Centricity Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter valued at $26,000. Hughes Financial Services LLC acquired a new position in shares of Marvell Technology during the 1st quarter valued at $26,000. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter valued at $27,000. Rossby Financial LCC acquired a new position in shares of Marvell Technology during the 1st quarter valued at $27,000. Finally, Financial Connections Group Inc. increased its stake in Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock valued at $27,000 after purchasing an additional 388 shares in the last quarter. 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.