Investors Purchase Large Volume of Call Options on Marvell Technology (NASDAQ:MRVL)

Marvell Technology, Inc. (NASDAQ:MRVL) was the target of unusually large options trading activity on Wednesday. Traders purchased 60,968 call options on the stock. This is an increase of 20% compared to the average daily volume of 50,685 call options.

Wall Street Analyst Weigh In

Several research firms recently weighed in on MRVL. TD Cowen increased their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Evercore ISI boosted their price objective on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. KeyCorp boosted their price target on shares of Marvell Technology from $95.00 to $125.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Stifel Nicolaus restated a “buy” rating and set a $125.00 price target (up previously from $114.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Finally, The Goldman Sachs Group increased their target price on Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Trading Up 4.4 %

Shares of MRVL traded up $4.68 during trading hours on Wednesday, hitting $111.36. 14,782,058 shares of the stock traded hands, compared to its average volume of 12,357,730. The business has a fifty day moving average of $88.30 and a 200-day moving average of $76.29. 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 firm has a market capitalization of $96.36 billion, a PE ratio of -65.51, a price-to-earnings-growth ratio of 3.79 and a beta of 1.46. Marvell Technology has a 1-year low of $53.19 and a 1-year high of $119.88.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.22%. The ex-dividend date of this dividend was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Buying and Selling

In other news, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction that occurred on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the completion of the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares in the company, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 267,000 shares of company stock valued at $20,899,260. 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 MRVL. True Wealth Design LLC increased its holdings in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after purchasing an additional 326 shares during the last quarter. Quarry LP bought a new stake in shares of Marvell Technology in the 2nd quarter valued at about $32,000. Strategic Investment Solutions Inc. IL acquired a new stake in shares of Marvell Technology in the 2nd quarter valued at approximately $32,000. Whittier Trust Co. boosted its stake in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC acquired a new position in Marvell Technology during the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.