Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.4% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 2.4% during mid-day trading on Wednesday . The company traded as high as $119.09 and last traded at $118.01. Approximately 2,565,078 shares traded hands during mid-day trading, a decline of 73% from the average daily volume of 9,413,091 shares. The stock had previously closed at $115.20.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on MRVL shares. Evercore ISI boosted their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Morgan Stanley upped their price objective on shares of Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a report on Friday, December 20th. Citigroup increased their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. TD Cowen lifted their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Needham & Company LLC increased their price target on shares of Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $123.08.

Marvell Technology Stock 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 stock has a market cap of $107.95 billion, a P/E ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41. The stock has a 50-day simple moving average of $106.09 and a 200-day simple moving average of $84.09.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling

In other news, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the sale, the director now directly 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 ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at $8,823,637.88. This represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 28,500 shares of company stock worth $2,967,670 in the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC lifted its holdings in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC raised its position in Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Strategic Investment Solutions Inc. IL bought a new position in Marvell Technology during the 2nd quarter worth $32,000. Quarry LP acquired a new position in Marvell Technology during the 2nd quarter worth about $32,000. Finally, Kieckhefer Group LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $33,000. 83.51% of the stock is 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.