Marvell Technology (NASDAQ:MRVL) Shares Up 0.4% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 0.4% during trading on Thursday . The stock traded as high as $117.86 and last traded at $116.90. Approximately 2,642,227 shares changed hands during mid-day trading, a decline of 79% from the average daily volume of 12,842,709 shares. The stock had previously closed at $116.46.

Analyst Ratings Changes

Several brokerages have recently weighed in on MRVL. Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. Wells Fargo & Company raised their price objective on shares of Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Craig Hallum upped their target price on shares of 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 shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday. Finally, Cantor Fitzgerald upped their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Three 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 company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Stock Down 7.2 %

The company has a fifty day simple moving average of $113.59 and a 200-day simple moving average of $88.68. 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 $95.72 billion, a P/E ratio of -65.07, a price-to-earnings-growth ratio of 1.77 and a beta of 1.40.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.22%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is -14.12%.

Insider Buying and Selling at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $4,361,430 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds have recently modified their holdings of MRVL. Dynamic Advisor Solutions LLC lifted its stake in Marvell Technology by 9.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 4,973 shares of the semiconductor company’s stock worth $359,000 after purchasing an additional 418 shares in the last quarter. Brookstone Capital Management purchased a new stake in shares of Marvell Technology in the third quarter worth about $216,000. CWM LLC boosted its stake in Marvell Technology by 17.6% during the third quarter. CWM LLC now owns 25,122 shares of the semiconductor company’s stock valued at $1,812,000 after buying an additional 3,760 shares during the last quarter. Wedmont Private Capital grew its holdings in Marvell Technology by 10.5% during the 3rd quarter. Wedmont Private Capital now owns 9,381 shares of the semiconductor company’s stock valued at $692,000 after buying an additional 894 shares in the last quarter. Finally, Pinnacle Bancorp Inc. increased its stake in Marvell Technology by 38.9% in the 3rd quarter. Pinnacle Bancorp Inc. now owns 814 shares of the semiconductor company’s stock worth $59,000 after acquiring an additional 228 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.