Marvell Technology, Inc. (NASDAQ:MRVL) Receives $119.76 Average PT from Brokerages

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) have received a consensus rating of “Moderate Buy” from the twenty-six brokerages that are presently covering the company, Marketbeat reports. Two analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. The average 1-year price objective among brokers that have updated their coverage on the stock in the last year is $120.64.

A number of analysts have commented on the stock. Barclays boosted their price target on shares of Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Craig Hallum upped their price target on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday. Piper Sandler reissued an “overweight” rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. JPMorgan Chase & Co. upped their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Loop Capital boosted their target price on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th.

Insider Activity at Marvell Technology

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 694,487 shares of the company’s stock, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’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 transaction, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. This trade represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 175,000 shares of company stock valued at $14,550,170 in the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of MRVL. State Street Corp increased its position in Marvell Technology by 0.3% in the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. grew its stake 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. Geode Capital Management LLC increased its holdings in Marvell Technology by 2.0% in the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock worth $818,916,000 after acquiring an additional 219,692 shares in the last quarter. Wellington Management Group LLP raised its stake in Marvell Technology by 4.3% during the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after acquiring an additional 359,005 shares during the period. Finally, Van ECK Associates Corp lifted its stake in shares of Marvell Technology by 26.6% during the 3rd 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. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

Shares of MRVL stock opened at $116.23 on Friday. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. Marvell Technology has a 52 week low of $53.19 and a 52 week high of $126.15. The firm has a 50 day moving average of $101.87 and a 200-day moving average of $81.95. The company has a market cap of $100.57 billion, a price-to-earnings ratio of -68.37, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41.

Marvell Technology Announces Dividend

The firm 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 dividend of $0.06 per share. 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 currently -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.