Marvell Technology (NASDAQ:MRVL) Shares Up 0.8% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose 0.8% on Tuesday . The company traded as high as $62.38 and last traded at $62.08. Approximately 2,974,888 shares changed hands during trading, a decline of 81% from the average daily volume of 15,959,597 shares. The stock had previously closed at $61.57.

Analyst Upgrades and Downgrades

Several equities research analysts recently issued reports on the company. Evercore ISI increased their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. 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. Piper Sandler cut their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, Melius began coverage on shares of Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 price target on the stock. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Trading Up 0.9 %

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 company has a 50-day moving average price of $92.78 and a 200-day moving average price of $93.66. The company has a market capitalization of $53.80 billion, a price-to-earnings ratio of -36.50, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.39%. Marvell Technology’s dividend payout ratio is -23.53%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Brad W. Buss acquired 3,000 shares of the business’s stock in a transaction dated Friday, March 7th. The shares were bought at an average cost of $69.00 per share, with a total value of $207,000.00. Following the transaction, the director now directly owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57 % increase in their position. The disclosure for this purchase can be found here. Over the last quarter, insiders have sold 37,685 shares of company stock worth $4,026,768. Insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC bought a new position in Marvell Technology during the fourth quarter worth about $802,410,000. Nuveen Asset Management LLC boosted its holdings in Marvell Technology by 232.2% during the fourth quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after purchasing an additional 6,543,132 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of Marvell Technology by 43.1% in the 4th 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 during the period. Finally, Invesco Ltd. raised its holdings in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock worth $1,784,649,000 after buying an additional 3,737,705 shares in the last quarter. 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.