StockNews.com Upgrades Marvell Technology (NASDAQ:MRVL) to Hold

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research report released on Thursday morning.

Other equities research analysts have also recently issued reports about the stock. Bank of America upped their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Rosenblatt Securities raised their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. UBS Group boosted their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Stifel Nicolaus raised their price target on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a report on Monday. Finally, Piper Sandler reiterated an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $120.64.

Marvell Technology Price Performance

Shares of MRVL opened at $118.23 on Thursday. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The company’s fifty day simple moving average is $102.58 and its 200 day simple moving average is $82.20. Marvell Technology has a 1-year low of $53.19 and a 1-year high of $126.15. The company has a market cap of $102.30 billion, a price-to-earnings ratio of -69.55, a PEG ratio of 4.03 and a beta of 1.41.

Marvell Technology Announces Dividend

The company 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 $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.20%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the transaction, the insider now owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. This represents a 17.76 % 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, CEO Matthew J. Murphy acquired 13,000 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were bought at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the transaction, the chief executive officer now owns 221,915 shares in the company, valued at $17,227,261.45. This represents a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 180,000 shares of company stock worth $15,163,420. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

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