Marvell Technology (NASDAQ:MRVL) Stock Price Up 6.1% - Time to Buy?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price traded up 6.1% on Tuesday . The company traded as high as $64.25 and last traded at $64.39. 6,450,104 shares changed hands during trading, a decline of 54% from the average session volume of 14,168,971 shares. The stock had previously closed at $60.69.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. B. Riley cut their price target on shares of Marvell Technology from $135.00 to $110.00 and set a "buy" rating for the company in a report on Monday, May 19th. Loop Capital decreased their price target on shares of Marvell Technology from $110.00 to $90.00 and set a "buy" rating for the company in a research report on Friday. William Blair raised shares of Marvell Technology to a "strong-buy" rating in a research note on Wednesday, February 5th. Susquehanna reduced their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a research note on Tuesday. Finally, Needham & Company LLC cut their target price on shares of Marvell Technology from $100.00 to $85.00 and set a "buy" rating on the stock in a research note on Friday. Seven 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 stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $94.21.

Marvell Technology Stock Performance

The company's fifty day moving average price is $58.72 and its 200 day moving average price is $86.86. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market cap of $51.21 billion, a PE ratio of -34.87, a P/E/G ratio of 1.61 and a beta of 1.83.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last posted its quarterly earnings data 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. Marvell Technology had a negative net margin of 27.49% and a positive return on equity of 4.59%. The business had revenue of $1.90 billion during the quarter, compared to the consensus estimate of $1.88 billion. During the same quarter last year, the company posted $0.24 earnings per share. The firm's quarterly revenue was up 63.3% compared to the same quarter last year. On average, equities research analysts predict that Marvell Technology, Inc. will post 0.91 earnings per share for the current year.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology's dividend payout ratio is presently -23.53%.

Insiders Place Their Bets

In related news, Director Brad W. Buss acquired 3,000 shares of the company's stock in a transaction dated Friday, March 7th. The stock was bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now owns 87,113 shares of the company's stock, valued at approximately $6,010,797. The trade was a 3.57% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of Marvell Technology stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The disclosure for this sale can be found here. Insiders sold 33,541 shares of company stock worth $2,079,948 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently made changes to their positions in the business. PFG Investments LLC increased its stake in shares of Marvell Technology by 43.8% in the fourth quarter. PFG Investments LLC now owns 4,373 shares of the semiconductor company's stock worth $483,000 after buying an additional 1,332 shares during the period. Union Bancaire Privee UBP SA purchased a new position in Marvell Technology during the 4th quarter valued at $16,699,000. Foundations Investment Advisors LLC purchased a new position in Marvell Technology during the 4th quarter valued at $339,000. Nilsine Partners LLC increased its position in Marvell Technology by 31.1% during the 4th quarter. Nilsine Partners LLC now owns 3,782 shares of the semiconductor company's stock valued at $418,000 after purchasing an additional 897 shares during the period. Finally, Perigon Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter valued at $387,000. 83.51% of the stock is currently owned by institutional investors.

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.