Marvell Technology (NASDAQ:MRVL) Stock Price Up 3.1% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 3.1% on Thursday . The company traded as high as $114.99 and last traded at $113.86. 3,378,278 shares changed hands during trading, a decline of 73% from the average session volume of 12,575,554 shares. The stock had previously closed at $110.45.

Analyst Upgrades and Downgrades

Several research firms have issued reports on MRVL. Piper Sandler reissued an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Bank of America boosted their price target on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Barclays raised their price objective on Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Rosenblatt Securities upped their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised their price target on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $119.76.

Marvell Technology Price Performance

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 firm has a market cap of $102.26 billion, a PE ratio of -69.52, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The stock has a 50 day moving average price of $100.53 and a two-hundred day moving average price of $81.20.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s payout ratio is -14.12%.

Insiders Place Their Bets

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the sale, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at $11,912,390. This represents a 5.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $120,750.00. Following the transaction, the chief financial officer now directly owns 110,253 shares of the company’s stock, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 172,500 shares of company stock valued at $14,267,670. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. True Wealth Design LLC lifted its holdings in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the period. Quarry LP purchased a new position in shares of Marvell Technology during the 2nd quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology in the 2nd quarter valued at $32,000. Whittier Trust Co. boosted its holdings in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after buying an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in Marvell Technology during the third quarter valued at $37,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.