Marvell Technology (NASDAQ:MRVL) Trading Up 2.8% After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded up 2.8% during mid-day trading on Monday after Craig Hallum raised their price target on the stock from $132.00 to $149.00. Craig Hallum currently has a buy rating on the stock. Marvell Technology traded as high as $123.41 and last traded at $121.47. 4,101,763 shares traded hands during trading, a decline of 50% from the average session volume of 8,168,576 shares. The stock had previously closed at $118.18.

Other equities analysts have also issued research reports about the company. Citigroup raised their price objective on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. The Goldman Sachs Group boosted their price target on Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a research note on Thursday, December 5th. Oppenheimer increased their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. boosted their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus increased their price target on shares of Marvell Technology from $125.00 to $130.00 and gave the stock a “buy” rating in a research report on Monday. One analyst has rated the stock with a sell rating, two have given a hold rating and twenty-four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.64.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total transaction of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares of the company’s stock, valued at approximately $55,906,203.50. The trade was a 17.76 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Matthew J. Murphy purchased 13,000 shares of the firm’s stock in a transaction dated Monday, October 14th. The stock was bought at an average cost of $77.63 per share, with a total value of $1,009,190.00. Following the purchase, the chief executive officer now owns 221,915 shares of the company’s stock, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders sold 175,000 shares of company stock worth $14,550,170. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its position in shares of Marvell Technology by 1,481.8% in the 3rd 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. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the second quarter valued at $32,000. Quarry LP bought a new stake in Marvell Technology during the second quarter valued at $32,000. Whittier Trust Co. grew its holdings in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after acquiring an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new position in shares of Marvell Technology in the 3rd quarter worth about $37,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Price Performance

The business has a 50 day moving average price of $101.24 and a 200-day moving average price of $81.64. The company has a market capitalization of $102.98 billion, a price-to-earnings ratio of -70.01, a P/E/G ratio of 4.03 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 Announces Dividend

The firm also recently declared 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 dividend yield of 0.20%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

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.