Marvell Technology (NASDAQ:MRVL) Shares Gap Up – Should You Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares gapped up prior to trading on Thursday . The stock had previously closed at $106.79, but opened at $111.37. Marvell Technology shares last traded at $110.15, with a volume of 2,690,195 shares traded.

Wall Street Analyst Weigh In

MRVL has been the subject of several analyst reports. KeyCorp lifted their price target on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, January 22nd. Rosenblatt Securities increased their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. UBS Group upped their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Oppenheimer boosted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Trading Up 3.4 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a market cap of $95.52 billion, a price-to-earnings ratio of -64.96, a PEG ratio of 4.12 and a beta of 1.41. The business has a fifty day simple moving average of $110.97 and a 200-day simple moving average of $86.99.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the sale, the executive vice president now owns 93,931 shares in the company, valued at approximately $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock worth $4,361,430 over the last quarter. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mackenzie Financial Corp raised its holdings in Marvell Technology by 30.8% during the 2nd quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock valued at $5,148,000 after acquiring an additional 17,342 shares during the period. Creative Planning grew its position in Marvell Technology by 4.1% during the second quarter. Creative Planning now owns 75,454 shares of the semiconductor company’s stock valued at $5,274,000 after acquiring an additional 2,982 shares during the last quarter. Quarry LP purchased a new position in shares of Marvell Technology during the second quarter worth approximately $32,000. EP Wealth Advisors LLC lifted its holdings in shares of Marvell Technology by 15.4% in the 2nd quarter. EP Wealth Advisors LLC now owns 7,711 shares of the semiconductor company’s stock worth $539,000 after acquiring an additional 1,031 shares during the last quarter. Finally, Truist Financial Corp grew its holdings in shares of Marvell Technology by 15.4% during the 2nd quarter. Truist Financial Corp now owns 974,756 shares of the semiconductor company’s stock valued at $68,135,000 after purchasing an additional 129,831 shares during the last quarter. 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.