Marvell Technology (NASDAQ:MRVL) Trading Up 1.6% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 1.6% on Monday . The stock traded as high as $112.87 and last traded at $112.40. 2,659,725 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 13,076,922 shares. The stock had previously closed at $110.62.

Analysts Set New Price Targets

A number of research analysts have issued reports on MRVL shares. Loop Capital upped their price objective on Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. TD Cowen lifted their price target on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald increased their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus raised 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, January 6th. Finally, The Goldman Sachs Group increased their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Trading Down 3.4 %

The stock has a 50 day moving average of $114.53 and a 200 day moving average of $89.94. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $91.22 billion, a P/E ratio of -62.01, a PEG 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 given a $0.06 dividend. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. Marvell Technology’s payout ratio is -14.12%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm’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 transaction, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $4,361,430 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. True Wealth Design LLC increased its position in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after acquiring an additional 326 shares during the period. ORG Partners LLC increased its holdings in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC bought a new position in Marvell Technology during the 4th quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology in the 4th quarter worth approximately $27,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the 4th quarter worth approximately $33,000. 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.