Marvell Technology, Inc. (NASDAQ:MRVL) Director Michael G. Strachan Sells 5,000 Shares of Stock

Marvell Technology, Inc. (NASDAQ:MRVL) Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link.

Marvell Technology Stock Up 1.7 %

Shares of MRVL stock opened at $118.23 on Thursday. Marvell Technology, Inc. has a 52-week low of $53.19 and a 52-week high of $126.15. The stock has a market cap of $102.30 billion, a price-to-earnings ratio of -69.55, a PEG ratio of 4.03 and a beta of 1.41. The firm’s 50-day moving average is $101.87 and its 200-day moving average is $81.95. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

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

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Davidson Kempner Capital Management LP boosted its position in Marvell Technology by 26.5% during the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock worth $17,482,000 after purchasing an additional 52,365 shares during the period. Braun Stacey Associates Inc. acquired a new position in Marvell Technology in the 3rd quarter valued at about $16,435,000. Charles Schwab Investment Management Inc. raised its holdings in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after acquiring an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. raised its holdings in Marvell Technology by 23.0% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock valued at $206,418,000 after acquiring an additional 535,203 shares during the period. Finally, Franchise Capital Ltd bought a new stake in shares of Marvell Technology during the fourth quarter worth approximately $1,476,000. 83.51% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have issued reports on the company. The Goldman Sachs Group raised their target price on Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Needham & Company LLC upped their price objective on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Piper Sandler reissued an “overweight” rating and issued a $120.00 target price (up from $100.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday. Finally, Susquehanna upped their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $120.64.

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.