Marvell Technology (NASDAQ:MRVL) Trading Up 3.8% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) rose 3.8% during mid-day trading on Wednesday . The company traded as high as $112.50 and last traded at $111.34. Approximately 4,341,984 shares were traded during mid-day trading, a decline of 66% from the average daily volume of 12,772,446 shares. The stock had previously closed at $107.29.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the company. Melius assumed coverage on Marvell Technology in a report on Monday, January 27th. They set a “buy” rating and a $188.00 target price for the company. Citigroup upped their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Craig Hallum lifted their target price on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. Rosenblatt Securities upped their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC lifted their target price on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three 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 company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Price Performance

The firm has a market cap of $95.99 billion, a P/E ratio of -64.93, a price-to-earnings-growth ratio of 1.58 and a beta of 1.40. The stock’s 50-day moving average is $113.93 and its 200-day moving average is $91.10. 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 business 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 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the completion of the transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at $13,807,097.50. This trade represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 30,255 shares of company stock worth $3,692,880. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Norges Bank acquired a new position in Marvell Technology during the 4th quarter valued at about $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology in the fourth quarter valued at approximately $802,410,000. Nuveen Asset Management LLC boosted its stake in Marvell Technology by 232.2% in 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 acquiring an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP grew its holdings in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its position in shares of Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the last quarter. 83.51% of the stock is currently 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.