Marvell Technology (NASDAQ:MRVL) Shares Up 2.9% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL) was up 2.9% during mid-day trading on Thursday . The stock traded as high as $119.73 and last traded at $119.40. Approximately 4,032,821 shares were traded during trading, a decline of 58% from the average daily volume of 9,672,666 shares. The stock had previously closed at $116.00.

Analysts Set New Price Targets

MRVL has been the subject of a number of research reports. The Goldman Sachs Group raised their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. Morgan Stanley raised their target price on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday, December 20th. TD Cowen upped their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Susquehanna raised their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Finally, Citigroup upped their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $121.68.

Marvell Technology Price Performance

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business’s 50 day moving average price is $105.61 and its 200 day moving average price is $83.85. The stock has a market capitalization of $103.21 billion, a P/E ratio of -70.09, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41.

Marvell Technology Dividend Announcement

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 paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Activity

In related news, Director Michael G. Strachan sold 5,000 shares of the company’s stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares in the company, valued at approximately $3,797,121.35. This represents a 13.90 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the transaction, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 28,500 shares of company stock valued at $2,967,670 in the last ninety days. 0.33% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in MRVL. Quest Partners LLC increased its stake in shares of Marvell Technology by 1,181.8% in the 2nd quarter. Quest Partners LLC now owns 1,128 shares of the semiconductor company’s stock worth $79,000 after purchasing an additional 1,040 shares in the last quarter. Federated Hermes Inc. lifted its position in Marvell Technology by 21.3% during the second quarter. Federated Hermes Inc. now owns 49,412 shares of the semiconductor company’s stock valued at $3,454,000 after purchasing an additional 8,666 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Marvell Technology by 0.7% during the second quarter. Dimensional Fund Advisors LP now owns 3,844,719 shares of the semiconductor company’s stock valued at $268,711,000 after purchasing an additional 25,983 shares during the period. Citizens Financial Group Inc. RI purchased a new stake in Marvell Technology in the second quarter worth about $540,000. Finally, Primecap Management Co. CA raised its stake in shares of Marvell Technology by 98.9% in the second quarter. Primecap Management Co. CA now owns 1,802,700 shares of the semiconductor company’s stock worth $126,009,000 after buying an additional 896,500 shares during the period. 83.51% of the stock is currently owned by institutional investors.

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.