Marvell Technology (NASDAQ:MRVL) Trading 0.4% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 0.4% during trading on Thursday . The stock traded as high as $106.77 and last traded at $105.88. Approximately 3,088,887 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 12,817,765 shares. The stock had previously closed at $105.42.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on MRVL shares. JPMorgan Chase & Co. boosted their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. KeyCorp boosted their price objective on shares of Marvell Technology from $125.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, January 22nd. Bank of America boosted their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. B. Riley boosted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Rosenblatt Securities boosted their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Price Performance

The company’s 50 day moving average price is $114.27 and its 200-day moving average price is $90.05. The stock has a market cap of $90.28 billion, a P/E ratio of -61.37, a P/E/G ratio of 1.77 and a beta of 1.40. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.23%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’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 $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. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock worth $4,361,430 over the last three months. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently bought and sold shares of MRVL. Norges Bank acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $1,138,354,000. GQG Partners LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at about $802,410,000. Wellington Management Group LLP lifted its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares in the last quarter. Invesco Ltd. lifted its position in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Marvell Technology in the fourth quarter worth about $366,896,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.