Marvell Technology (NASDAQ:MRVL) Shares Up 1% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) traded up 1% during mid-day trading on Wednesday . The stock traded as high as $69.40 and last traded at $68.95. 2,272,639 shares traded hands during trading, a decline of 82% from the average session volume of 12,633,884 shares. The stock had previously closed at $68.28.

Analyst Ratings Changes

A number of brokerages recently commented on MRVL. The Goldman Sachs Group increased their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. KeyCorp decreased their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a report on Thursday, March 6th. Stifel Nicolaus dropped their price objective on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 price objective on the stock in a research report on Thursday, March 6th. Finally, Susquehanna raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a 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 issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Performance

The firm’s fifty day moving average price is $99.94 and its 200 day moving average price is $93.56. The firm has a market cap of $60.29 billion, a P/E ratio of -40.90, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. The trade was a 4.40 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares in the company, valued at approximately $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last ninety days. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

A number of institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Intrepid Financial Planning Group LLC lifted its holdings in shares of Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock worth $2,860,000 after purchasing an additional 90 shares during the period. PDS Planning Inc raised its holdings in shares of Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock worth $319,000 after purchasing an additional 92 shares during the last quarter. Lodestone Wealth Management LLC lifted its position in Marvell Technology by 2.0% during the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after purchasing an additional 93 shares during the period. Valley National Advisers Inc. grew its position in Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after purchasing an additional 96 shares during the period. Finally, Private Trust Co. NA lifted its holdings in shares of Marvell Technology by 2.7% in the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after buying an additional 97 shares during the period. 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.