Marvell Technology (NASDAQ:MRVL) Shares Gap Up After Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL) shares gapped up prior to trading on Friday following a dividend announcement from the company. The stock had previously closed at $109.01, but opened at $117.99. Marvell Technology shares last traded at $120.10, with a volume of 7,074,694 shares traded.

The newly announced dividend which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.20%. Marvell Technology’s dividend payout ratio is presently -14.12%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on MRVL shares. B. Riley increased their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Monday, December 2nd. Morgan Stanley lifted their price objective on shares of Marvell Technology from $82.00 to $102.00 and gave the company an “equal weight” rating in a research note on Wednesday, December 4th. Rosenblatt Securities increased their target price on shares of Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, Piper Sandler reissued an “overweight” rating and set a $120.00 price target (up previously from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $119.04.

Marvell Technology Price Performance

The firm has a market cap of $104.50 billion, a PE ratio of -71.04, a P/E/G ratio of 3.72 and a beta of 1.46. The stock’s fifty day moving average price is $89.98 and its 200-day moving average price is $76.81. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Insiders Place Their Bets

In related news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Tuesday, October 1st. The shares were sold at an average price of $70.83, for a total value of $177,075.00. Following the sale, the executive vice president now directly owns 22,494 shares in the company, valued at $1,593,250.02. The trade was a 10.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew J. Murphy sold 6,000 shares of the stock in a transaction dated Monday, September 16th. The shares were sold at an average price of $73.29, for a total transaction of $439,740.00. Following the completion of the sale, the chief executive officer now directly owns 208,915 shares in the company, valued at approximately $15,311,380.35. The trade was a 2.79 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 175,000 shares of company stock worth $14,076,540. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors and hedge funds have recently bought and sold shares of the stock. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after buying an additional 326 shares in the last quarter. Quarry LP purchased a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology in the 2nd quarter valued at about $32,000. Whittier Trust Co. lifted its holdings in Marvell Technology by 74.5% in the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC acquired a new stake in shares of Marvell Technology during the 3rd quarter worth about $37,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.