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

Marvell Technology, Inc. (NASDAQ:MRVL) shares saw unusually-strong trading volume on Friday following insider buying activity. Approximately 9,874,433 shares changed hands during mid-day 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 the firm’s stock in a transaction that occurred on Friday, March 7th. The stock was bought at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on MRVL. Melius began coverage on shares of Marvell Technology in a research note on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Morgan Stanley decreased their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research note on Thursday. Wells Fargo & Company boosted their price objective on shares of Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research report on Monday, January 13th. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Finally, William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $121.68.

Marvell Technology Trading Down 2.0 %

The company has a market cap of $61.30 billion, a price-to-earnings 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. The company’s 50-day moving average is $108.27 and its 200 day moving average is $93.84.

Marvell Technology Dividend Announcement

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

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Intrepid Financial Planning Group LLC grew its position in shares of Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc increased its stake in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after purchasing an additional 92 shares in the last quarter. Lodestone Wealth Management LLC increased its stake in shares of Marvell Technology by 2.0% during the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after purchasing an additional 93 shares in the last quarter. Valley National Advisers Inc. increased its stake in shares of Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after purchasing an additional 96 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after purchasing an additional 97 shares in the last quarter. 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.