Marvell Technology (NASDAQ:MRVL) Sees Strong Trading Volume After Insider Buying Activity

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) saw strong trading volume on Friday after an insider bought additional shares in the company. 9,874,433 shares were traded during trading, a decline of 23% from the previous session’s volume of 12,753,570 shares.The stock last traded at $68.00 and had previously closed at $72.28.

Specifically, Director Brad W. Buss acquired 3,000 shares of Marvell Technology stock in a transaction dated Friday, March 7th. The shares were purchased at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the purchase, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Analysts Set New Price Targets

A number of research analysts have recently issued reports on MRVL shares. Melius started coverage on Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 price objective on the stock. Citigroup reduced their price objective on Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research note on Thursday. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday. Rosenblatt Securities reissued a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday. Finally, KeyCorp cut their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Stock Down 2.0 %

The company’s fifty day moving average price is $108.27 and its 200-day moving average price is $93.84. The stock has a market capitalization of $61.30 billion, a PE ratio of -41.67, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology’s payout ratio is -23.53%.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently made changes to their positions in the business. True Wealth Design LLC lifted its holdings in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC lifted its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the last quarter. Centricity Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC purchased a new position in Marvell Technology in the 4th quarter worth approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.