Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.8% After Insider Buying Activity

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price rose 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. Approximately 4,409,399 shares changed hands during trading, a decline of 64% from the average daily volume of 12,346,725 shares. The stock had previously closed at $79.41.

Specifically, CEO Matthew J. Murphy bought 13,000 shares of the business’s stock in a transaction on Monday, October 14th. The shares were bought at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the purchase, the chief executive officer now directly owns 221,915 shares in the company, valued at $17,227,261.45. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Evercore ISI boosted their target price on shares of 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 upped their price target on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. TD Cowen raised shares of Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. Morgan Stanley upped their price target on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a research note on Friday, August 30th. Finally, KeyCorp upped their price target on shares of Marvell Technology from $90.00 to $95.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 9th. Two analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology has a consensus rating of “Moderate Buy” and an average price target of $91.62.

Marvell Technology Trading Up 2.9 %

The company has a market capitalization of $70.70 billion, a price-to-earnings ratio of -72.28, a P/E/G ratio of 3.17 and a beta of 1.45. The company has a 50-day moving average price of $70.72 and a 200-day moving average price of $70.04. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results 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 company had revenue of $1.27 billion for 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 firm’s revenue was down 5.1% compared to the same quarter last year. During the same period last year, the business posted $0.18 earnings per share. Research analysts predict that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Investors of record on Friday, October 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.29%. The ex-dividend date of this dividend is Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.24%.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. Davidson Kempner Capital Management LP grew its position in Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after buying an additional 52,365 shares in the last quarter. Diversified Trust Co acquired a new stake in Marvell Technology during the second quarter worth about $932,000. Orion Portfolio Solutions LLC grew its position in Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock worth $2,282,000 after buying an additional 10,306 shares in the last quarter. Ameriprise Financial Inc. grew its position in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Finally, Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Marvell Technology by 20.2% during the first 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 in the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.