Marvell Technology (NASDAQ:MRVL) Sets New 52-Week High – Still a Buy?

Marvell Technology, Inc. (NASDAQ:MRVL) shares hit a new 52-week high during mid-day trading on Friday . The company traded as high as $86.85 and last traded at $86.28, with a volume of 3685195 shares changing hands. The stock had previously closed at $80.11.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Evercore ISI upped their price target on shares of Marvell Technology from $91.00 to $98.00 and gave the stock an “outperform” rating in a research note on Friday, August 30th. TD Cowen raised Marvell Technology to a “strong-buy” rating in a research note on Monday, September 16th. KeyCorp lifted their price target on Marvell Technology from $90.00 to $95.00 and gave the company an “overweight” rating in a research report on Tuesday, July 9th. Morgan Stanley upped their price objective on Marvell Technology from $77.00 to $82.00 and gave the company an “equal weight” rating in a report on Friday, August 30th. Finally, The Goldman Sachs Group lifted their target price on Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a report on Friday, August 30th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $91.62.

Marvell Technology Price Performance

The stock has a market capitalization of $75.12 billion, a PE ratio of -76.37, a P/E/G ratio of 3.48 and a beta of 1.44. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The stock’s 50-day moving average is $74.94 and its 200 day moving average is $71.00.

Marvell Technology (NASDAQ:MRVL) last posted its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion for the quarter, compared to the consensus estimate of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.31%. Marvell Technology’s revenue for the quarter was down 5.1% compared to the same quarter last year. During the same period in the prior year, the business posted $0.18 earnings per share. As a group, equities analysts predict that Marvell Technology, Inc. will post 0.78 earnings per share for the current year.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.28%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s payout ratio is presently -21.62%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $66.75, for a total transaction of $100,125.00. Following the completion of the sale, the chief financial officer now directly owns 113,253 shares of the company’s stock, valued at approximately $7,559,637.75. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 261,000 shares of company stock valued at $20,330,835 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently bought and sold shares of the company. Davidson Kempner Capital Management LP grew its stake in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after acquiring an additional 52,365 shares during the last quarter. Diversified Trust Co bought a new position in shares of Marvell Technology during the 2nd quarter worth about $932,000. Orion Portfolio Solutions LLC raised its position in shares of Marvell Technology by 47.1% during the first quarter. Orion Portfolio Solutions LLC now owns 32,191 shares of the semiconductor company’s stock valued at $2,282,000 after buying an additional 10,306 shares during the last quarter. WD Rutherford LLC lifted its stake in shares of Marvell Technology by 182.5% in the third quarter. WD Rutherford LLC now owns 18,266 shares of the semiconductor company’s stock valued at $1,317,000 after buying an additional 11,801 shares during the period. Finally, abrdn plc grew its position in Marvell Technology by 1.3% during the third quarter. abrdn plc now owns 1,530,125 shares of the semiconductor company’s stock worth $109,037,000 after buying an additional 19,794 shares in the last quarter. 83.51% of the stock is currently owned by 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.