Marvell Technology (NASDAQ:MRVL) Trading 6.1% Higher After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) was up 6.1% during mid-day trading on Monday after Barclays raised their price target on the stock from $115.00 to $150.00. Barclays currently has an overweight rating on the stock. Marvell Technology traded as high as $125.37 and last traded at $124.76. Approximately 14,849,059 shares were traded during trading, an increase of 14% from the average daily volume of 13,008,617 shares. The stock had previously closed at $117.58.

A number of other brokerages have also recently issued reports on MRVL. B. Riley increased their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald increased their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Wells Fargo & Company upped their target price on Marvell Technology from $130.00 to $140.00 and gave the company an “overweight” rating in a research note on Monday, January 13th. Loop Capital raised their price target on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research report on Wednesday, December 4th. Finally, Evercore ISI upped their price objective on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $124.96.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders sold 31,755 shares of company stock worth $3,615,030 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd boosted its position in shares of Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Marvell Technology in the third quarter worth about $120,116,000. Van ECK Associates Corp boosted its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after buying an additional 1,570,050 shares during the period. Finally, D1 Capital Partners L.P. acquired a new position in shares of Marvell Technology in the second quarter worth about $108,204,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

The firm’s fifty day simple moving average is $106.70 and its 200 day simple moving average is $84.64. The company has a market capitalization of $107.95 billion, a price-to-earnings ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.