Marvell Technology (NASDAQ:MRVL) Trading 6.9% Higher - Should You Buy?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded up 6.9% on Thursday . The company traded as high as $57.97 and last traded at $57.46. 7,431,646 shares changed hands during trading, a decline of 45% from the average session volume of 13,548,117 shares. The stock had previously closed at $53.77.

Analyst Ratings Changes

MRVL has been the topic of several recent analyst reports. TD Cowen dropped their price target on Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research report on Thursday, March 6th. Needham & Company LLC reduced their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Citigroup cut their target price on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Finally, Bank of America decreased their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $114.56.

Marvell Technology Trading Up 2.8 %

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 capitalization of $51.03 billion, a P/E ratio of -34.66, a P/E/G ratio of 1.61 and a beta of 1.78. The company has a 50-day simple moving average of $68.53 and a 200 day simple moving average of $90.71.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.41%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is currently -23.53%.

Insiders Place Their Bets

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company's stock, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the transaction, the chief operating officer now directly owns 87,931 shares of the company's stock, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 27,390 shares of company stock worth $1,937,938 in the last ninety days. Insiders own 0.33% of the company's stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the business. Norges Bank bought a new stake in Marvell Technology in the fourth quarter valued at about $1,138,354,000. GQG Partners LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $802,410,000. Nuveen Asset Management LLC raised its holdings in shares of Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after buying an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 43.1% during the 4th 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. boosted its stake in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after buying 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.