Marvell Technology (NASDAQ:MRVL) Trading 1% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price rose 1% during mid-day trading on Tuesday . The stock traded as high as $107.75 and last traded at $107.56. Approximately 3,760,483 shares were traded during mid-day trading, a decline of 71% from the average daily volume of 12,860,654 shares. The stock had previously closed at $106.51.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on MRVL shares. TD Cowen raised their target price on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Benchmark restated a “buy” rating and issued a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. JPMorgan Chase & Co. raised their target price on Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Finally, Evercore ISI raised 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. Three research 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 stock. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Stock Up 0.7 %

The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $113.93 and a 200-day simple moving average of $91.10. The firm has a market capitalization of $92.84 billion, a PE ratio of -63.11, a P/E/G ratio of 1.77 and a beta of 1.40.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the transaction, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 30,255 shares of company stock worth $3,692,880. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Large investors have recently added to or reduced their stakes in the business. Zweig DiMenna Associates LLC boosted its stake in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after buying an additional 12,700 shares during the period. Berbice Capital Management LLC bought a new stake in Marvell Technology during the fourth quarter valued at $637,000. RFG Advisory LLC boosted its stake in Marvell Technology by 6.2% during the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after buying an additional 2,507 shares during the period. Braun Stacey Associates Inc. bought a new stake in Marvell Technology during the third quarter valued at $16,435,000. Finally, Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock valued at $235,247,000 after buying an additional 66,654 shares during the period. 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.