Marvell Technology (NASDAQ:MRVL) Trading 2.4% Higher – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL) shot up 2.4% during mid-day trading on Tuesday . The company traded as high as $68.84 and last traded at $67.24. 8,149,943 shares traded hands during mid-day trading, a decline of 36% from the average session volume of 12,737,600 shares. The stock had previously closed at $65.67.

Analyst Upgrades and Downgrades

MRVL has been the topic of several recent analyst reports. Barclays decreased their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Susquehanna upped their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research note on Wednesday, December 4th. UBS Group boosted their price target on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Cantor Fitzgerald increased their price objective 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. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Trading Up 2.3 %

The firm has a market cap of $58.11 billion, a P/E ratio of -39.51, a P/E/G ratio of 1.61 and a beta of 1.42. The company’s 50 day simple moving average is $107.36 and its 200-day simple moving average is $93.97. 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 firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.36%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -23.53%.

Insider Transactions at Marvell Technology

In other news, Director Brad W. Buss purchased 3,000 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was purchased at an average price of $69.00 per share, for a total transaction of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares of the company’s stock, valued at approximately $6,010,797. This trade represents a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 36,255 shares of company stock worth $4,330,980. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in the business. Castle Rock Wealth Management LLC increased its position in Marvell Technology by 165.8% during the 4th quarter. Castle Rock Wealth Management LLC now owns 16,283 shares of the semiconductor company’s stock valued at $1,734,000 after purchasing an additional 10,157 shares during the period. Total Wealth Planning & Management Inc. purchased a new position in shares of Marvell Technology in the 4th quarter valued at $824,000. Menard Financial Group LLC bought a new position in shares of Marvell Technology in the 4th quarter worth $669,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new stake in shares of Marvell Technology during the 4th quarter worth $105,450,000. Finally, Chelsea Counsel Co. bought a new stake in Marvell Technology during the fourth quarter valued at about $44,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

About Marvell Technology

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.