Marvell Technology (NASDAQ:MRVL) Shares Up 3.1% - Still a Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) were up 3.1% on Tuesday . The company traded as high as $63.46 and last traded at $63.38. Approximately 5,789,026 shares traded hands during trading, a decline of 60% from the average daily volume of 14,433,964 shares. The stock had previously closed at $61.47.

Analysts Set New Price Targets

Several research firms have commented on MRVL. Evercore ISI cut their price target on Marvell Technology from $135.00 to $133.00 and set an "outperform" rating for the company in a report on Friday, May 30th. Cantor Fitzgerald restated a "neutral" rating and issued a $60.00 target price on shares of Marvell Technology in a research note on Friday, May 30th. Bank of America reduced their target price on Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Melius Research lowered shares of Marvell Technology from a "strong-buy" rating to a "hold" rating and set a $66.00 price target on the stock. in a report on Thursday, May 22nd. Finally, Wells Fargo & Company dropped 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 note on Friday, May 30th. Seven investment analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $94.21.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $57.27 billion, a price-to-earnings ratio of -39.00, a PEG ratio of 1.61 and a beta of 1.83. The firm's 50-day moving average price is $58.64 and its 200 day moving average price is $86.32.

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

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.36%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's dividend payout ratio is currently -42.11%.

Insiders Place Their Bets

In other Marvell Technology news, Director Brad W. Buss acquired 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were acquired at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares of the company's stock, valued at approximately $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 33,541 shares of company stock worth $2,079,948. Corporate insiders own 0.19% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Union Bancaire Privee UBP SA bought a new stake in Marvell Technology in the 4th quarter valued at approximately $16,699,000. Caprock Group LLC raised its holdings in shares of Marvell Technology by 8.1% in the fourth quarter. Caprock Group LLC now owns 8,784 shares of the semiconductor company's stock valued at $970,000 after purchasing an additional 656 shares during the last quarter. Journey Strategic Wealth LLC bought a new stake in shares of Marvell Technology in the fourth quarter worth $313,000. U.S. Capital Wealth Advisors LLC acquired a new position in Marvell Technology during the fourth quarter worth $2,297,000. Finally, Financial Life Planners bought a new position in Marvell Technology in the fourth quarter valued at $33,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.