A number of other equities analysts have also issued reports on the company. KGI Securities began coverage on Marvell Technology in a research note on Tuesday, December 7th. They set an outperform rating for the company. Deutsche Bank Aktiengesellschaft increased their target price on Marvell Technology from $76.00 to $100.00 and gave the company a buy rating in a report on Friday, December 3rd. Bank of America increased their price objective on Marvell Technology from $80.00 to $115.00 and gave the stock a buy rating in a report on Friday, December 3rd. Credit Suisse Group increased their price objective on Marvell Technology from $85.00 to $105.00 and gave the stock an outperform rating in a report on Friday, December 3rd. Finally, Morgan Stanley raised their target price on Marvell Technology from $63.00 to $86.00 and gave the company an equal weight rating in a report on Friday, December 3rd. Three investment analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Buy and a consensus price target of $98.46.
Shares of NASDAQ MRVL opened at $83.00 on Wednesday. Marvell Technology has a 1-year low of $37.92 and a 1-year high of $93.85. The business has a 50-day moving average of $81.37 and a 200-day moving average of $68.47.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 26th. Stockholders of record on Friday, January 7th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.29%. The ex-dividend date is Thursday, January 6th. Marvell Technology’s dividend payout ratio is presently -45.28%.
In related news, insider Muhammad Raghib Hussain sold 224,957 shares of the stock in a transaction dated Monday, November 15th. The shares were sold at an average price of $72.58, for a total transaction of $16,327,379.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Loi Nguyen sold 495 shares of the firm’s stock in a transaction dated Tuesday, December 28th. The shares were sold at an average price of $90.81, for a total transaction of $44,950.95. The disclosure for this sale can be found here. Insiders sold a total of 599,573 shares of company stock worth $46,543,921 over the last ninety days. Insiders own 0.29% of the company’s stock.
Several large investors have recently modified their holdings of the company. Louisiana State Employees Retirement System lifted its stake in shares of Marvell Technology by 2.8% in the 4th quarter. Louisiana State Employees Retirement System now owns 43,800 shares of the semiconductor company’s stock worth $3,832,000 after purchasing an additional 1,200 shares during the period. Stratos Wealth Partners LTD. lifted its stake in shares of Marvell Technology by 11.9% in the 4th quarter. Stratos Wealth Partners LTD. now owns 9,287 shares of the semiconductor company’s stock worth $813,000 after purchasing an additional 989 shares during the period. Calton & Associates Inc. bought a new position in shares of Marvell Technology in the 4th quarter worth approximately $281,000. Wedbush Securities Inc. raised its stake in Marvell Technology by 42.0% during the 4th quarter. Wedbush Securities Inc. now owns 13,721 shares of the semiconductor company’s stock worth $1,200,000 after acquiring an additional 4,057 shares during the period. Finally, Activest Wealth Management raised its stake in Marvell Technology by 325.9% during the 4th quarter. Activest Wealth Management now owns 460 shares of the semiconductor company’s stock worth $40,000 after acquiring an additional 352 shares during the period. Hedge funds and other institutional investors own 82.24% of the company’s stock.
About Marvell Technology
Marvell Technology, Inc engages in the provision of data infrastructure semiconductor solutions. It offers compute, networking, storage and custom related solutions. The company was founded in 1995 and is headquartered in Wilmington, DE.
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