Marvell Technology (NASDAQ:MRVL) Shares Up 1.9% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) rose 1.9% on Wednesday . The stock traded as high as $116.00 and last traded at $115.95. Approximately 5,660,902 shares changed hands during trading, a decline of 55% from the average daily volume of 12,683,165 shares. The stock had previously closed at $113.76.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on MRVL shares. B. Riley lifted their price target on shares of Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer lifted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Evercore ISI upped their price target on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Rosenblatt Securities lifted their price objective on Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday, December 2nd. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. Based on data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $119.76.

Marvell Technology Stock Down 0.2 %

The firm’s 50-day moving average price is $96.06 and its two-hundred day moving average price is $79.24. 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 firm has a market cap of $100.12 billion, a PE ratio of -68.06, a P/E/G ratio of 4.03 and a beta of 1.46.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insiders Place Their Bets

In other news, CEO Matthew J. Murphy purchased 13,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were purchased at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the purchase, the chief executive officer now directly owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This represents a 6.22 % increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the sale, the executive vice president now owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. This represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 175,000 shares of company stock valued at $14,444,745. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of MRVL. Citizens Financial Group Inc. RI boosted its stake in shares of Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock worth $566,000 after buying an additional 116 shares during the period. Crumly & Associates Inc. lifted its position in Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock worth $593,000 after acquiring an additional 121 shares during the period. United Capital Management of KS Inc. grew its stake in shares of Marvell Technology by 0.4% in the 3rd quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after purchasing an additional 131 shares during the last quarter. Integrated Wealth Concepts LLC increased its holdings in shares of Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during the period. Finally, ASB Consultores LLC raised its stake in shares of Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock worth $276,000 after purchasing an additional 140 shares during the last quarter. 83.51% of the stock is owned by hedge funds and other 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.