Marvell Technology (NASDAQ:MRVL) Shares Gap Up – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $106.79, but opened at $111.37. Marvell Technology shares last traded at $110.15, with a volume of 2,690,195 shares traded.

Wall Street Analyst Weigh In

Several research analysts have issued reports on MRVL shares. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Cantor Fitzgerald boosted their price objective on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. Rosenblatt Securities increased their target price on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Barclays lifted their price objective on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a report on Friday, January 17th. Finally, Benchmark reaffirmed a “buy” rating and set a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Stock Performance

The company has a 50 day moving average price of $110.97 and a 200 day moving average price of $86.99. The company has a market capitalization of $95.52 billion, a PE ratio of -64.96, a PEG ratio of 4.12 and a beta of 1.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

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 dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -14.12%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Large investors have recently added to or reduced their stakes in the business. Adell Harriman & Carpenter Inc. lifted its stake in shares of Marvell Technology by 1.5% in the 4th quarter. Adell Harriman & Carpenter Inc. now owns 113,111 shares of the semiconductor company’s stock valued at $12,493,000 after purchasing an additional 1,640 shares during the last quarter. Bank Pictet & Cie Europe AG raised its holdings in Marvell Technology by 0.7% in the 4th quarter. Bank Pictet & Cie Europe AG now owns 66,710 shares of the semiconductor company’s stock worth $7,368,000 after acquiring an additional 460 shares during the period. Valeo Financial Advisors LLC grew its position in shares of Marvell Technology by 1.1% in the fourth quarter. Valeo Financial Advisors LLC now owns 10,877 shares of the semiconductor company’s stock valued at $1,201,000 after purchasing an additional 120 shares during the last quarter. AustralianSuper Pty Ltd acquired a new position in shares of Marvell Technology during the 4th quarter worth about $699,000. Finally, V Square Quantitative Management LLC boosted its holdings in Marvell Technology by 13.2% in the 4th quarter. V Square Quantitative Management LLC now owns 10,266 shares of the semiconductor company’s stock valued at $1,134,000 after purchasing an additional 1,199 shares during the period. 83.51% of the stock is owned by institutional investors.

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.