Marvell Technology (NASDAQ:MRVL) Reaches New 52-Week High - Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares hit a new 52-week high on Friday . The company traded as high as $86.85 and last traded at $86.28, with a volume of 3685195 shares traded. The stock had previously closed at $80.11.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on MRVL shares. Evercore ISI upped their target price on Marvell Technology from $91.00 to $98.00 and gave the company an "outperform" rating in a research note on Friday, August 30th. Bank of America lifted their price objective on Marvell Technology from $85.00 to $90.00 and gave the stock a "buy" rating in a research report on Friday, August 30th. StockNews.com lowered shares of Marvell Technology from a "hold" rating to a "sell" rating in a report on Friday, October 18th. Stifel Nicolaus reiterated a "buy" rating and set a $95.00 price target (up from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, The Goldman Sachs Group boosted their price objective on shares of Marvell Technology from $77.00 to $87.00 and gave the company a "buy" rating in a research report on Friday, August 30th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $91.62.

Marvell Technology Stock Up 5.8 %

The firm's 50-day moving average price is $74.68 and its 200-day moving average price is $70.88. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market cap of $75.12 billion, a price-to-earnings ratio of -77.10, a price-to-earnings-growth ratio of 3.60 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL - Get Free Report) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 EPS for the quarter, meeting the consensus estimate of $0.30. The company had revenue of $1.27 billion for the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The firm's revenue was down 5.1% compared to the same quarter last year. During the same period last year, the company posted $0.18 earnings per share. Sell-side analysts forecast that Marvell Technology, Inc. will post 0.78 earnings per share for the current fiscal year.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.28%. Marvell Technology's dividend payout ratio (DPR) is presently -21.62%.

Insider Buying and Selling at Marvell Technology

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the business's stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 261,000 shares of company stock worth $20,330,835 in the last ninety days. 0.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Salomon & Ludwin LLC acquired a new position in Marvell Technology during the first quarter valued at $31,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the 2nd quarter worth approximately $32,000. Quarry LP acquired a new stake in shares of Marvell Technology during the 2nd quarter valued at $32,000. Mark Sheptoff Financial Planning LLC purchased a new position in shares of Marvell Technology during the 1st quarter valued at $35,000. Finally, Whittier Trust Co. increased its stake in shares of Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company's stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Institutional investors 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.