Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.9% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) was up 2.9% during mid-day trading on Thursday . The company traded as high as $119.73 and last traded at $119.40. Approximately 4,032,821 shares were traded during trading, a decline of 58% from the average daily volume of 9,672,666 shares. The stock had previously closed at $116.00.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on MRVL shares. Evercore ISI boosted their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Susquehanna boosted their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. B. Riley upped their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Stifel Nicolaus raised their price objective on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Finally, Craig Hallum boosted their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Trading Up 2.8 %

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 firm has a market capitalization of $103.21 billion, a P/E ratio of -70.09, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41. The firm’s 50-day simple moving average is $105.61 and its 200-day simple moving average is $83.85.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 28,500 shares of company stock worth $2,967,670 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in MRVL. Quest Partners LLC raised its stake in shares of Marvell Technology by 1,181.8% during the second quarter. Quest Partners LLC now owns 1,128 shares of the semiconductor company’s stock valued at $79,000 after acquiring an additional 1,040 shares during the last quarter. Federated Hermes Inc. raised its position in Marvell Technology by 21.3% during the 2nd quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock valued at $3,454,000 after purchasing an additional 8,666 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Marvell Technology by 0.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock worth $268,711,000 after buying an additional 25,983 shares during the period. Citizens Financial Group Inc. RI bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $540,000. Finally, Primecap Management Co. CA increased its stake in shares of Marvell Technology by 98.9% during the second quarter. Primecap Management Co. CA now owns 1,802,700 shares of the semiconductor company’s stock valued at $126,009,000 after buying an additional 896,500 shares during the period. Institutional investors own 83.51% of the company’s stock.

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.