Marvell Technology (NASDAQ:MRVL) Trading 2.8% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 2.8% on Wednesday . The stock traded as high as $71.33 and last traded at $69.03. 6,365,703 shares traded hands during trading, a decline of 50% from the average session volume of 12,737,943 shares. The stock had previously closed at $67.16.

Analysts Set New Price Targets

MRVL has been the topic of a number of research reports. UBS Group lifted their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. lifted their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Susquehanna raised their price target on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. TD Cowen reduced their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Finally, Citigroup lowered their target price on Marvell Technology from $136.00 to $122.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Price Performance

The firm has a 50-day simple moving average of $106.49 and a 200-day simple moving average of $93.94. The firm has a market cap of $60.40 billion, a P/E ratio of -41.08, a PEG ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were paid a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.34%. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. The trade was a 6.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Brad W. Buss purchased 3,000 shares of the firm’s stock in a transaction on Friday, March 7th. The stock was acquired at an average price 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. The trade was a 3.57 % increase in their position. The disclosure for this purchase can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the stock. True Wealth Design LLC lifted its stake 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 worth $25,000 after buying an additional 326 shares during the period. ORG Partners LLC grew its stake in Marvell Technology by 175.3% during the 4th 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 acquired a new position in shares of Marvell Technology in the fourth quarter valued at about $26,000. Rialto Wealth Management LLC purchased a new position in shares of Marvell Technology in the fourth quarter worth about $27,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology during the fourth quarter worth about $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Company Profile

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.