Marvell Technology (NASDAQ:MRVL) Shares Up 1.7% – What’s Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 1.7% during trading on Thursday . The company traded as high as $71.11 and last traded at $70.97. 2,227,620 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 12,603,498 shares. The stock had previously closed at $69.81.

Analyst Upgrades and Downgrades

Several research analysts have commented on the company. Citigroup reduced their price objective on Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Cantor Fitzgerald boosted their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Oppenheimer raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. UBS Group increased their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley cut their price target on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a report on Thursday, March 6th. Three investment 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’s stock. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

The stock’s 50 day moving average price is $100.89 and its two-hundred day moving average price is $93.72. The firm has a market capitalization of $60.75 billion, a PE ratio of -41.10, a PEG ratio of 1.61 and a beta of 1.42. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Insider Buying and Selling

In related news, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total transaction of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $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 quarter, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the business. 111 Capital acquired a new position in shares of Marvell Technology in the 4th quarter valued at about $2,770,000. Thoma Capital Management LLC acquired a new position in Marvell Technology during the 4th quarter valued at about $883,000. Keystone Financial Services LLC bought a new position in Marvell Technology in the 4th quarter worth about $224,000. Castle Rock Wealth Management LLC grew its position in Marvell Technology by 165.8% in the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock worth $1,734,000 after purchasing an additional 10,157 shares during the last quarter. Finally, Total Wealth Planning & Management Inc. acquired a new stake in shares of Marvell Technology in the fourth quarter valued at approximately $824,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.