Marvell Technology (NASDAQ:MRVL) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research note issued to investors on Thursday.

A number of other research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. lifted their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Oppenheimer boosted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. B. Riley raised their target price on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Barclays upped their price target on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company raised their price objective on shares of Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. According to data from MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $120.64.

Marvell Technology Trading Up 1.7 %

Shares of Marvell Technology stock opened at $118.23 on Thursday. Marvell Technology has a 12-month low of $53.19 and a 12-month high of $126.15. The stock has a market capitalization of $102.30 billion, a P/E ratio of -69.55, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a 50-day simple moving average of $102.58 and a 200 day simple moving average of $82.20. 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 Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insiders Place Their Bets

In related news, CEO Matthew J. Murphy acquired 13,000 shares of the business’s stock in a transaction that occurred on Monday, October 14th. The shares were acquired at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. The trade was a 6.22 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. This trade represents a 13.90 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 180,000 shares of company stock worth $15,163,420. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of MRVL. Ameriprise Financial Inc. lifted its stake in Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd lifted its position in shares of Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after purchasing an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new position in Marvell Technology during the third quarter worth $120,116,000. Van ECK Associates Corp grew its position in Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after purchasing an additional 1,570,050 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new stake in Marvell Technology in the 2nd quarter valued at $108,204,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.