Marvell Technology (NASDAQ:MRVL) Trading 1.2% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price shot up 1.2% during trading on Monday . The stock traded as high as $70.57 and last traded at $69.55. 4,137,644 shares were traded during trading, a decline of 67% from the average session volume of 12,638,972 shares. The stock had previously closed at $68.74.

Wall Street Analyst Weigh In

Several brokerages have recently commented on MRVL. Craig Hallum boosted their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. William Blair raised Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Oppenheimer upped their target price on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research note on Wednesday, December 4th. Melius started coverage on Marvell Technology in a research note on Monday, January 27th. They issued a “buy” rating and a $188.00 target price on the stock. Finally, KeyCorp reduced 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, March 6th. Three equities research 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 stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Down 3.0 %

The firm’s 50 day simple moving average is $101.86 and its 200 day simple moving average is $93.89. The company has a market cap of $59.13 billion, a price-to-earnings ratio of -40.16, 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.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at $2,791,778. This trade represents a 9.19 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 over the last quarter. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

A number of large investors have recently added to or reduced their stakes in the business. 111 Capital acquired a new position in Marvell Technology in the 4th quarter worth approximately $2,770,000. Thoma Capital Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at $883,000. Keystone Financial Services LLC bought a new position in shares of Marvell Technology during the 4th quarter valued at $224,000. Castle Rock Wealth Management LLC raised its holdings in shares of Marvell Technology by 165.8% during the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock valued at $1,734,000 after purchasing an additional 10,157 shares in the last quarter. Finally, Total Wealth Planning & Management Inc. bought a new position in shares of Marvell Technology during the 4th quarter valued at $824,000. 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.