Marvell Technology (NASDAQ:MRVL) Stock Price Up 3.2% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price traded up 3.2% on Wednesday . The stock traded as high as $96.65 and last traded at $96.02. 3,449,119 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 13,056,230 shares. The stock had previously closed at $93.00.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the company. Oppenheimer lifted their target price on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Needham & Company LLC raised their price objective on shares of Marvell Technology from $95.00 to $120.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Marvell Technology in a research note on Friday, February 14th. Stifel Nicolaus boosted their target price on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research report on Monday, January 6th. Finally, UBS Group upped their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $127.60.

Marvell Technology Stock Up 1.6 %

The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $81.75 billion, a PE ratio of -55.70, a PEG ratio of 1.61 and a beta of 1.40. The stock’s 50 day moving average price is $112.66 and its 200-day moving average price is $92.99.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now directly owns 24,706 shares in the company, valued at $2,791,778. This trade represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 36,255 shares of company stock worth $4,330,980 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of institutional investors have recently bought and sold shares of MRVL. True Wealth Design LLC increased its stake 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 worth $25,000 after purchasing an additional 326 shares during the period. ORG Partners LLC boosted its holdings in shares of Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $26,000. Rialto Wealth Management LLC purchased a new position in Marvell Technology during the 4th quarter worth $27,000. Finally, Kieckhefer Group LLC purchased a new stake in Marvell Technology during the 4th quarter valued at about $33,000. 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.