Marvell Technology (NASDAQ:MRVL) Trading 3.1% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) rose 3.1% on Thursday . The stock traded as high as $114.99 and last traded at $113.86. Approximately 3,378,278 shares were traded during mid-day trading, a decline of 73% from the average daily volume of 12,575,554 shares. The stock had previously closed at $110.45.

Wall Street Analyst Weigh In

A number of analysts have commented on the company. TD Cowen boosted their price objective on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Cantor Fitzgerald upped their price target on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. KeyCorp raised their price objective on Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Craig Hallum upped their target price on shares of Marvell Technology from $88.00 to $132.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Evercore ISI increased their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus target price of $119.76.

Marvell Technology Stock Performance

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 market capitalization of $96.99 billion, a PE ratio of -65.93, a PEG ratio of 4.03 and a beta of 1.46. The company has a 50-day moving average price of $99.16 and a two-hundred day moving average price of $80.65.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is presently -14.12%.

Insider Transactions at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the sale, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 172,500 shares of company stock valued at $14,267,670. 0.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently added to or reduced their stakes in MRVL. True Wealth Design LLC lifted its holdings in shares of Marvell Technology by 1,481.8% in the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL purchased a new position in Marvell Technology in the 2nd quarter worth $32,000. Quarry LP bought a new stake in Marvell Technology in the second quarter worth $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% during the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after buying an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new position in shares of Marvell Technology during the third quarter valued at about $37,000. Hedge funds and other institutional investors 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.