Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.7% – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded up 1.7% on Wednesday . The stock traded as high as $65.90 and last traded at $64.93. 8,368,705 shares traded hands during mid-day trading, a decline of 41% from the average session volume of 14,220,654 shares. The stock had previously closed at $63.82.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Cantor Fitzgerald downgraded shares of Marvell Technology from an “overweight” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $60.00 in a report on Wednesday, May 7th. UBS Group decreased their price objective on shares of Marvell Technology from $110.00 to $100.00 and set a “buy” rating on the stock in a report on Monday, May 19th. Needham & Company LLC decreased their price objective on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Finally, Wells Fargo & Company restated an “overweight” rating on shares of Marvell Technology in a report on Thursday, March 6th. Seven analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $101.93.

Marvell Technology Stock Up 2.3%

The company has a market cap of $56.37 billion, a PE ratio of -38.49, a P/E/G ratio of 1.61 and a beta of 1.83. 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 firm’s fifty day simple moving average is $59.26 and its 200-day simple moving average is $87.45.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Insider Activity at Marvell Technology

In other Marvell Technology news, Director Brad W. Buss purchased 3,000 shares of Marvell Technology stock in a transaction on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This represents a 4.40% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 33,541 shares of company stock valued at $2,079,948. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the business. Strs Ohio purchased a new position in shares of Marvell Technology during the 1st quarter worth $16,366,000. Addison Capital Co raised its stake in Marvell Technology by 29.5% during the first quarter. Addison Capital Co now owns 5,515 shares of the semiconductor company’s stock worth $340,000 after purchasing an additional 1,257 shares during the period. Advisors Capital Management LLC raised its stake in Marvell Technology by 6.2% during the first quarter. Advisors Capital Management LLC now owns 8,770 shares of the semiconductor company’s stock worth $540,000 after purchasing an additional 515 shares during the period. SWS Partners raised its stake in Marvell Technology by 27.8% during the first quarter. SWS Partners now owns 68,476 shares of the semiconductor company’s stock worth $4,216,000 after purchasing an additional 14,884 shares during the period. Finally, Siren L.L.C. raised its stake in Marvell Technology by 636.2% during the first quarter. Siren L.L.C. now owns 36,808 shares of the semiconductor company’s stock worth $2,266,000 after purchasing an additional 31,808 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.