Marvell Technology (NASDAQ:MRVL) Shares Up 1.8% Following Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price shot up 1.8% on Wednesday after an insider bought additional shares in the company. The stock traded as high as $80.95 and last traded at $80.85. 4,409,399 shares changed hands during mid-day trading, a decline of 64% from the average session volume of 12,346,725 shares. The stock had previously closed at $79.41.

Specifically, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was purchased at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This trade represents a 0.00 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on MRVL shares. The Goldman Sachs Group raised their price target on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $85.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Morgan Stanley raised their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research report on Friday, August 30th. Evercore ISI upped their target price on shares of Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Finally, TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Two investment analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Trading Up 1.8 %

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company’s 50-day moving average price is $70.30 and its 200-day moving average price is $69.98. The firm has a market capitalization of $69.94 billion, a PE ratio of -71.55, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last announced its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period in the previous year, the business earned $0.18 EPS. Marvell Technology’s revenue for the quarter was down 5.1% on a year-over-year basis. On average, sell-side analysts expect that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Friday, October 11th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.30%. Marvell Technology’s payout ratio is currently -21.24%.

Institutional Trading of Marvell Technology

Several institutional investors have recently modified their holdings of the stock. Davidson Kempner Capital Management LP raised its stake in Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares in the last quarter. Diversified Trust Co acquired a new stake in shares of Marvell Technology during the second quarter worth about $932,000. Orion Portfolio Solutions LLC lifted its holdings in shares of Marvell Technology by 47.1% in the 1st quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after purchasing an additional 10,306 shares during the last quarter. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares during the period. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in Marvell Technology by 20.2% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 529,127 shares of the semiconductor company’s stock worth $37,505,000 after buying an additional 88,918 shares during the last quarter. Hedge funds and other 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.