Marvell Technology (NASDAQ:MRVL) Shares Up 2.8% Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shares shot up 2.8% during mid-day trading on Monday after Craig Hallum raised their price target on the stock from $132.00 to $149.00. Craig Hallum currently has a buy rating on the stock. Marvell Technology traded as high as $123.41 and last traded at $121.47. 4,101,763 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 8,168,576 shares. The stock had previously closed at $118.18.

Other research analysts have also issued reports about the stock. JPMorgan Chase & Co. boosted their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Cantor Fitzgerald boosted their target price on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Susquehanna raised their price target on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Needham & Company LLC upped their price objective on Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Benchmark reiterated a “buy” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $120.64.

Insider Activity at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew J. Murphy purchased 13,000 shares of the business’s stock in a transaction on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now directly owns 221,915 shares in the company, valued at $17,227,261.45. The trade was a 6.22 % increase in their position. The disclosure for this purchase can be found here. In the last quarter, insiders sold 175,000 shares of company stock valued at $14,550,170. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. State Street Corp grew its holdings in Marvell Technology by 0.3% in the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares during the period. Ameriprise Financial Inc. boosted its position in shares of Marvell Technology by 24.1% in the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Geode Capital Management LLC grew its holdings in Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares during the last quarter. Finally, Van ECK Associates Corp raised its stake in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Performance

The company has a market cap of $100.57 billion, a price-to-earnings ratio of -68.37, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock’s fifty day simple moving average is $101.87 and its two-hundred day simple moving average is $81.95.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given 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 dividend payout ratio (DPR) is presently -14.12%.

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.