Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.4% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) traded up 2.4% during mid-day trading on Wednesday . The company traded as high as $119.09 and last traded at $118.01. 2,565,078 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 9,413,091 shares. The stock had previously closed at $115.20.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the company. Craig Hallum raised their target price on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Needham & Company LLC upped their price target on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. KeyCorp upped their price target on Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Oppenheimer increased their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $121.68.

Marvell Technology Stock Performance

The firm has a fifty day simple moving average of $105.11 and a 200-day simple moving average of $83.63. The company has a market cap of $100.76 billion, a PE ratio of -68.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the transaction, the executive vice president now owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 28,500 shares of company stock valued at $2,967,670. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently made changes to their positions in the stock. ORG Partners LLC grew its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after buying an additional 149 shares during the last quarter. Kieckhefer Group LLC purchased a new stake in Marvell Technology in the 4th quarter valued at approximately $33,000. True Wealth Design LLC boosted its holdings in Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares in the last quarter. Quarry LP purchased a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Finally, Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology in the 2nd quarter valued at approximately $32,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.