Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.9% – Here’s Why

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

Wall Street Analyst Weigh In

MRVL has been the subject of a number of analyst reports. The Goldman Sachs Group upped their price target on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. TD Cowen upped their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Evercore ISI boosted their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Finally, Wells Fargo & Company boosted their price objective on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a research note on Monday, January 13th. Three research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the 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 Up 6.1 %

The stock has a market capitalization of $107.95 billion, a price-to-earnings ratio of -73.39, a PEG ratio of 3.76 and a beta of 1.41. The business has a fifty day moving average of $106.70 and a 200 day moving average of $84.46. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The company also recently declared 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. This represents a $0.24 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insiders Place Their Bets

In other news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the sale, the director now directly owns 30,959 shares in the company, 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 legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock worth $4,099,650 over the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds have recently modified their holdings of the stock. Secure Asset Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at $261,000. Avior Wealth Management LLC increased its holdings in Marvell Technology by 129.2% in the fourth quarter. Avior Wealth Management LLC now owns 3,124 shares of the semiconductor company’s stock valued at $345,000 after buying an additional 1,761 shares during the last quarter. Burr Financial Services LLC purchased a new position in Marvell Technology in the fourth quarter valued at $636,000. Raleigh Capital Management Inc. increased its holdings in Marvell Technology by 512.6% in the fourth quarter. Raleigh Capital Management Inc. now owns 582 shares of the semiconductor company’s stock valued at $64,000 after buying an additional 487 shares during the last quarter. Finally, Mutual Advisors LLC increased its holdings in Marvell Technology by 3.9% in the fourth quarter. Mutual Advisors LLC now owns 9,895 shares of the semiconductor company’s stock valued at $1,163,000 after buying an additional 374 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.