Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.3% - Should You Buy?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares shot up 2.3% during trading on Tuesday . The stock traded as high as $73.33 and last traded at $73.16. 4,278,289 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 15,672,569 shares. The stock had previously closed at $71.55.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on MRVL. Stifel Nicolaus decreased their target price on Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Melius Research upped their price objective on Marvell Technology from $67.00 to $76.00 and gave the stock a "hold" rating in a research note on Wednesday, June 18th. Morgan Stanley upped their price objective on Marvell Technology from $70.00 to $73.00 and gave the stock an "equal weight" rating in a research note on Friday, May 30th. Wall Street Zen upgraded Marvell Technology from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, UBS Group restated a "buy" rating on shares of Marvell Technology in a research note on Monday, June 2nd. Seven equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and an average target price of $94.47.

Marvell Technology Price Performance

The company has a quick ratio of 0.94, a current ratio of 1.30 and a debt-to-equity ratio of 0.22. The firm has a market cap of $62.54 billion, a P/E ratio of -127.39, a PEG ratio of 0.78 and a beta of 1.81. The company has a 50 day moving average of $67.59 and a two-hundred day moving average of $80.84.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released 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 business had revenue of $1.90 billion during the quarter, compared to analyst estimates of $1.88 billion. During the same quarter last year, the company posted $0.24 EPS. Marvell Technology's revenue for the quarter was up 63.3% on a year-over-year basis. Sell-side analysts expect that Marvell Technology, Inc. will post 0.91 EPS for the current year.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 31st. Investors of record on Friday, July 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.33%. 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, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Monday, June 16th. The stock was sold at an average price of $68.52, for a total value of $102,780.00. Following the completion of the sale, the chief financial officer directly owned 121,348 shares of the company's stock, valued at approximately $8,314,764.96. This represents a 1.22% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mark Casper sold 626 shares of the stock in a transaction dated Monday, May 19th. The stock was sold at an average price of $61.10, for a total value of $38,248.60. Following the completion of the sale, the executive vice president directly owned 626 shares of the company's stock, valued at approximately $38,248.60. This represents a 50.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,394 shares of company stock valued at $1,656,076 in the last 90 days. Insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds have recently bought and sold shares of the business. Hughes Financial Services LLC purchased a new stake in shares of Marvell Technology during the 1st quarter worth about $26,000. Rossby Financial LCC purchased a new stake in shares of Marvell Technology during the 1st quarter worth about $27,000. Financial Connections Group Inc. raised its stake in shares of Marvell Technology by 776.0% during the 1st quarter. Financial Connections Group Inc. now owns 438 shares of the semiconductor company's stock worth $27,000 after purchasing an additional 388 shares in the last quarter. Vision Financial Markets LLC purchased a new stake in shares of Marvell Technology during the 1st quarter worth about $28,000. Finally, Security National Bank purchased a new stake in shares of Marvell Technology during the 1st quarter worth about $31,000. 83.51% of the stock is owned by hedge funds and other 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.