Insider Buying: Marvell Technology, Inc. (NASDAQ:MRVL) Director Purchases 3,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) Director Brad W. Buss acquired 3,000 shares of the business's stock in a transaction dated Friday, March 7th. The shares were bought at an average price of $69.00 per share, for a total transaction 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. This represents a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.

Marvell Technology Price Performance

Shares of NASDAQ:MRVL traded down $1.44 during midday trading on Friday, reaching $70.84. 38,787,463 shares of the company's stock traded hands, compared to its average volume of 12,675,750. Marvell Technology, Inc. has a 1 year low of $53.19 and a 1 year high of $127.48. The company has a market cap of $61.30 billion, a P/E ratio of -41.67, a PEG ratio of 1.61 and a beta of 1.42. 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 fifty day simple moving average of $108.27 and a two-hundred day simple moving average of $94.00.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology's dividend payout ratio (DPR) is -23.53%.

Remove Ads

Wall Street Analyst Weigh In

MRVL has been the topic of several recent analyst reports. TD Cowen cut their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a report on Thursday. KeyCorp cut their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a report on Thursday. Rosenblatt Securities reiterated a "buy" rating and issued a $140.00 price target on shares of Marvell Technology in a report on Thursday. JPMorgan Chase & Co. increased their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Finally, Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price target on the stock in a report on Thursday. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $121.68.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. True Wealth Design LLC lifted its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company's stock valued at $25,000 after buying an additional 326 shares in the last quarter. ORG Partners LLC lifted its position in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the 4th quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC purchased a new position in Marvell Technology in the 4th quarter valued at $33,000. Hedge funds and other 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.