Marvell Technology (NASDAQ:MRVL) Trading 0.4% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price rose 0.4% during mid-day trading on Thursday . The stock traded as high as $106.77 and last traded at $105.88. Approximately 3,088,887 shares changed hands during trading, a decline of 76% from the average daily volume of 12,817,765 shares. The stock had previously closed at $105.42.

Analyst Upgrades and Downgrades

MRVL has been the subject of several recent research reports. Barclays increased their price objective on Marvell Technology from $115.00 to $150.00 and gave the stock an “overweight” rating in a report on Friday, January 17th. Craig Hallum increased their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a report on Monday, January 6th. Bank of America increased their price objective on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday, January 27th. Finally, Needham & Company LLC increased their target price 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. Three research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Trading Down 1.0 %

The firm has a market capitalization of $90.28 billion, a price-to-earnings ratio of -61.37, a P/E/G ratio of 1.77 and a beta of 1.40. The business has a 50-day moving average of $114.27 and a two-hundred day moving average of $90.05. 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 Announces Dividend

The company also recently announced 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 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date of this dividend was Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at 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 transaction of $282,500.00. Following the transaction, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $4,361,430 over the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of institutional investors have recently bought and sold shares of the business. Titan Global Capital Management USA LLC grew its holdings in Marvell Technology by 11.9% during the 4th quarter. Titan Global Capital Management USA LLC now owns 29,851 shares of the semiconductor company’s stock worth $3,297,000 after acquiring an additional 3,186 shares during the period. Argent Trust Co grew its holdings in shares of Marvell Technology by 34.6% in the 4th quarter. Argent Trust Co now owns 9,011 shares of the semiconductor company’s stock valued at $995,000 after buying an additional 2,318 shares during the period. Treasurer of the State of North Carolina grew its holdings in shares of Marvell Technology by 0.6% in the 4th quarter. Treasurer of the State of North Carolina now owns 376,936 shares of the semiconductor company’s stock valued at $41,633,000 after buying an additional 2,360 shares during the period. Scotia Capital Inc. grew its holdings in shares of Marvell Technology by 8.2% in the 4th quarter. Scotia Capital Inc. now owns 49,425 shares of the semiconductor company’s stock valued at $5,459,000 after buying an additional 3,763 shares during the period. Finally, CenterBook Partners LP grew its holdings in shares of Marvell Technology by 70.0% in the 4th quarter. CenterBook Partners LP now owns 128,274 shares of the semiconductor company’s stock valued at $14,168,000 after buying an additional 52,819 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.