Marvell Technology (NASDAQ:MRVL) Stock Price Up 8.3% - Time to Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 8.3% during mid-day trading on Wednesday . The stock traded as high as $55.95 and last traded at $54.80. 7,518,018 shares were traded during mid-day trading, a decline of 44% from the average session volume of 13,509,947 shares. The stock had previously closed at $50.62.

Analyst Ratings Changes

A number of research firms have weighed in on MRVL. Rosenblatt Securities reaffirmed a "buy" rating and set a $140.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. TD Cowen lowered their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Morgan Stanley reduced their target price on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Finally, Stifel Nicolaus reduced their price objective on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $114.56.

Marvell Technology Trading Up 0.2 %

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 firm has a market cap of $49.76 billion, a price-to-earnings ratio of -33.86, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The business's 50-day moving average price is $69.50 and its two-hundred day moving average price is $90.68.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.42%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction that occurred on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Brad W. Buss purchased 3,000 shares of the company's stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now directly owns 87,113 shares of the company's stock, valued at $6,010,797. The trade was a 3.57 % increase in their position. The disclosure for this purchase can be found here. Insiders have sold 27,390 shares of company stock worth $1,937,938 over the last quarter. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Marvell Technology in the 4th quarter valued at about $1,138,354,000. GQG Partners LLC purchased a new position in Marvell Technology in the fourth quarter valued at approximately $802,410,000. Nuveen Asset Management LLC lifted its position in Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP grew its stake in Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock worth $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. increased its position in shares of Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 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.