Marvell Technology (NASDAQ:MRVL) Shares Up 1.7% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 1.7% during trading on Thursday . The stock traded as high as $118.41 and last traded at $118.23. Approximately 8,362,899 shares were traded during mid-day trading, a decline of 24% from the average session volume of 11,032,892 shares. The stock had previously closed at $116.23.

Analysts Set New Price Targets

MRVL has been the subject of several research analyst reports. Cantor Fitzgerald upped their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Piper Sandler reiterated an “overweight” rating and issued a $120.00 target price (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Benchmark restated a “buy” rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Citigroup increased their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, Morgan Stanley raised their price target 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. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $120.64.

Marvell Technology Price Performance

The firm has a market cap of $102.30 billion, a P/E ratio of -69.55, a PEG ratio of 4.03 and a beta of 1.41. 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 has a fifty day moving average price of $101.87 and a two-hundred day moving average price of $81.95.

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the transaction, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. This represents a 1.34 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction dated Tuesday, October 15th. The shares were 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 owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 180,000 shares of company stock valued at $15,163,420 over the last three months. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently made changes to their positions in MRVL. Ameriprise Financial Inc. lifted its position in shares of Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the period. Temasek Holdings Private Ltd boosted its stake in Marvell Technology by 581.8% in the third quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new stake in shares of Marvell Technology in the 3rd quarter valued at approximately $120,116,000. Van ECK Associates Corp boosted its position in Marvell Technology by 26.6% in the third 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 in the last quarter. Finally, D1 Capital Partners L.P. bought a new position in shares of Marvell Technology in the 2nd quarter valued at $108,204,000. 83.51% of the stock is currently owned by institutional investors.

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.