Marvell Technology (NASDAQ:MRVL) Trading Up 2.8% on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 2.8% during mid-day trading on Monday after Craig Hallum raised their price target on the stock from $132.00 to $149.00. Craig Hallum currently has a buy rating on the stock. Marvell Technology traded as high as $123.41 and last traded at $121.47. Approximately 4,101,763 shares changed hands during trading, a decline of 50% from the average daily volume of 8,168,576 shares. The stock had previously closed at $118.18.

A number of other analysts have also recently weighed in on MRVL. The Goldman Sachs Group upped their price target on shares of Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a research report on Thursday, December 5th. Stifel Nicolaus upped their target price on Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday. UBS Group raised their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their price target on Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, TD Cowen lifted their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. One research 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’s stock. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and an average price target of $120.64.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy purchased 13,000 shares of Marvell Technology stock in a transaction dated Monday, October 14th. The stock was bought at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now owns 221,915 shares in the company, valued at $17,227,261.45. The trade was a 6.22 % increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the completion of the sale, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 175,000 shares of company stock valued at $14,550,170 over the last quarter. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the business. Regent Peak Wealth Advisors LLC bought a new stake in Marvell Technology during the 4th quarter valued at $200,000. Diversified Trust Co increased its holdings in shares of Marvell Technology by 5.2% during the fourth quarter. Diversified Trust Co now owns 9,414 shares of the semiconductor company’s stock valued at $1,040,000 after purchasing an additional 464 shares during the period. Advance Capital Management Inc. bought a new stake in shares of Marvell Technology during the fourth quarter valued at about $204,000. Nordea Investment Management AB lifted its holdings in Marvell Technology by 14.0% in the fourth quarter. Nordea Investment Management AB now owns 4,652,983 shares of the semiconductor company’s stock worth $518,435,000 after purchasing an additional 571,005 shares during the period. Finally, Everence Capital Management Inc. bought a new position in Marvell Technology in the 4th quarter valued at about $2,216,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

The stock has a market cap of $100.57 billion, a price-to-earnings ratio of -68.37, a PEG ratio of 4.03 and a beta of 1.41. The company’s 50 day simple moving average is $101.87 and its 200 day simple 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 company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s payout ratio is -14.12%.

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.