Marvell Technology (NASDAQ:MRVL) Shares Up 2.4% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded up 2.4% during trading on Thursday . The company traded as high as $112.00 and last traded at $109.39. 5,108,123 shares traded hands during mid-day trading, a decline of 60% from the average session volume of 12,702,107 shares. The stock had previously closed at $106.79.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on MRVL shares. Wells Fargo & Company boosted their target price on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research report on Monday, January 13th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. 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. Melius started coverage on Marvell Technology in a research note on Monday. They set a “buy” rating and a $188.00 price target on the stock. Finally, 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. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Price Performance

The company has a market capitalization of $95.47 billion, a PE ratio of -64.90, a PEG ratio of 4.12 and a beta of 1.41. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company’s 50 day moving average price is $110.97 and its 200-day moving average price is $86.99.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.22%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s 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 sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock worth $4,361,430 in the last three months. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Mackenzie Financial Corp grew its position in Marvell Technology by 30.8% in the second quarter. Mackenzie Financial Corp now owns 73,644 shares of the semiconductor company’s stock valued at $5,148,000 after acquiring an additional 17,342 shares in the last quarter. Creative Planning grew its holdings in Marvell Technology by 4.1% during the 2nd quarter. Creative Planning now owns 75,454 shares of the semiconductor company’s stock valued at $5,274,000 after purchasing an additional 2,982 shares in the last quarter. Quarry LP purchased a new stake in Marvell Technology during the 2nd quarter worth $32,000. EP Wealth Advisors LLC lifted its holdings in Marvell Technology by 15.4% in the 2nd quarter. EP Wealth Advisors LLC now owns 7,711 shares of the semiconductor company’s stock worth $539,000 after buying an additional 1,031 shares in the last quarter. Finally, Truist Financial Corp boosted its position in Marvell Technology by 15.4% in the 2nd quarter. Truist Financial Corp now owns 974,756 shares of the semiconductor company’s stock valued at $68,135,000 after buying an additional 129,831 shares during the last quarter. Institutional investors and hedge funds 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.