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

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

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on MRVL shares. Evercore ISI increased their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Craig Hallum boosted their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Cantor Fitzgerald increased their target price on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Finally, B. Riley upped their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Stock Up 0.8 %

The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock’s 50-day moving average price is $113.00 and its 200-day moving average price is $88.47. The company has a market cap of $101.53 billion, a P/E ratio of -69.01, a PEG ratio of 3.71 and a beta of 1.40.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s payout ratio is currently -14.12%.

Insiders Place Their Bets

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. The trade was a 5.49 % decrease in their position. 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 stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock worth $4,361,430. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds have recently bought and sold shares of the business. Centricity Wealth Management LLC purchased a new stake in Marvell Technology in the fourth quarter worth $26,000. ORG Partners LLC increased its holdings in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the last quarter. Kieckhefer Group LLC bought a new stake in Marvell Technology in the 4th quarter valued at about $33,000. Financial Life Planners purchased a new stake in Marvell Technology during the fourth quarter valued at about $33,000. Finally, GHP Investment Advisors Inc. boosted its position in Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock worth $38,000 after purchasing an additional 112 shares during the period. 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.