Marvell Technology (NASDAQ:MRVL) Shares Gap Up After Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up before the market opened on Tuesday after an insider bought additional shares in the company. The stock had previously closed at $77.68, but opened at $80.44. Marvell Technology shares last traded at $80.78, with a volume of 5,169,558 shares traded.

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

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on MRVL. Morgan Stanley lifted their price objective on Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Evercore ISI lifted their price objective on Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a report on Friday, August 30th. Roth Mkm reissued a “buy” rating and set a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Stifel Nicolaus reissued a “buy” rating and set a $95.00 price objective (up previously from $90.00) on shares of Marvell Technology in a report on Friday, August 30th. Finally, Citigroup reissued a “buy” rating and set a $91.00 price objective on shares of Marvell Technology in a report on Monday. Two analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Trading Up 2.2 %

The company has a 50-day simple moving average of $70.30 and a 200-day simple moving average of $69.98. 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 stock has a market cap of $68.74 billion, a P/E ratio of -70.27, a P/E/G ratio of 3.17 and a beta of 1.45.

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

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Friday, October 11th will be given 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 dividend yield of 0.30%. Marvell Technology’s payout ratio is currently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the company. Bruce G. Allen Investments LLC raised its position in shares of Marvell Technology by 56.4% during the first quarter. Bruce G. Allen Investments LLC now owns 391 shares of the semiconductor company’s stock worth $28,000 after acquiring an additional 141 shares during the last quarter. Salomon & Ludwin LLC acquired a new stake in shares of Marvell Technology during the first quarter worth $31,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology during the second quarter worth $32,000. Quarry LP acquired a new stake in shares of Marvell Technology during the second quarter worth $32,000. Finally, Optimum Investment Advisors acquired a new stake in shares of Marvell Technology during the first quarter worth $35,000. 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.