Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Update

Marvell Technology, Inc. (NASDAQ:MRVL) was the recipient of a large growth in short interest in February. As of February 28th, there was short interest totalling 24,230,000 shares, a growth of 24.0% from the February 13th total of 19,540,000 shares. Based on an average daily trading volume, of 17,370,000 shares, the days-to-cover ratio is presently 1.4 days. Approximately 2.8% of the shares of the stock are sold short.

Marvell Technology Stock Up 2.4 %

Shares of Marvell Technology stock traded up $1.66 during trading on Monday, hitting $70.40. 13,406,724 shares of the stock were exchanged, compared to its average volume of 12,621,448. The stock has a market cap of $60.92 billion, a price-to-earnings ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The firm’s 50-day moving average price is $102.82 and its 200 day moving average price is $93.95. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $127.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Insider Activity at Marvell Technology

In related news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,755 shares of company stock valued at $3,412,230. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Marvell Technology in the fourth quarter valued at $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the fourth quarter valued at $802,410,000. Nuveen Asset Management LLC increased its stake in Marvell Technology by 232.2% in the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares during the period. Wellington Management Group LLP increased its stake in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Invesco Ltd. increased its stake in Marvell Technology by 30.1% in the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. 83.51% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have commented on MRVL shares. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. KeyCorp cut their price objective on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Melius Research upgraded shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Stifel Nicolaus cut their price target on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average target price of $120.44.

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.