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

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up prior to trading on Tuesday following insider buying activity. 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 changing hands.

Specifically, CEO Matthew J. Murphy bought 13,000 shares of the stock in a transaction dated Monday, October 14th. The stock was purchased at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of analyst reports. 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. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, October 10th. Morgan Stanley upped their target price on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a research note on Friday, August 30th. Needham & Company LLC reissued a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research note on Friday, August 30th. Finally, Evercore ISI upped their price objective on Marvell Technology from $91.00 to $98.00 and gave the company an “outperform” rating in a research report on Friday, August 30th. Two investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $91.62.

Marvell Technology Trading Up 4.7 %

The company has a current ratio of 1.79, a quick ratio of 1.26 and a debt-to-equity ratio of 0.28. The business has a fifty day moving average price of $70.30 and a two-hundred day moving average price of $69.98. The firm has a market capitalization of $70.42 billion, a PE ratio of -68.74, a PEG ratio of 3.17 and a beta of 1.45.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results 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 during the quarter, compared to analysts’ expectations of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. The firm’s revenue was down 5.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.18 EPS. Analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Dividend Announcement

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

Hedge Funds Weigh In On Marvell Technology

Large investors have recently bought and sold shares of the stock. Bruce G. Allen Investments LLC boosted its stake 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 buying an additional 141 shares during the period. 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 position in Marvell Technology in the 2nd quarter valued at $32,000. Quarry LP purchased a new position in Marvell Technology during the second quarter worth about $32,000. Finally, Optimum Investment Advisors purchased a new stake in Marvell Technology in the 1st quarter valued at approximately $35,000. Institutional investors and hedge funds 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.