Marvell Technology (NASDAQ:MRVL) Trading Up 2.6% on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was up 2.6% during trading on Friday after Morgan Stanley raised their price target on the stock from $102.00 to $120.00. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology traded as high as $112.48 and last traded at $111.94. Approximately 4,795,960 shares were traded during mid-day trading, a decline of 62% from the average daily volume of 12,625,783 shares. The stock had previously closed at $109.11.

Other analysts also recently issued reports about the stock. Rosenblatt Securities boosted their price target 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. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. JPMorgan Chase & Co. boosted their price target 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. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd. Finally, Stifel Nicolaus restated a “buy” rating and issued a $125.00 price objective (up previously from $114.00) 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 issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $119.76.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at $1,593,250.02. This represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares in the company, valued at $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 175,000 shares of company stock valued at $14,444,745 over the last three months. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

A number of large investors have recently made changes to their positions in MRVL. Ameriprise Financial Inc. raised its holdings in shares of Marvell Technology by 24.1% in the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after purchasing an additional 2,254,610 shares during the period. Temasek Holdings Private Ltd grew its stake in Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares in the last quarter. Holocene Advisors LP acquired a new position in shares of Marvell Technology in the 3rd quarter worth approximately $120,116,000. Van ECK Associates Corp grew its position in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. Finally, D1 Capital Partners L.P. acquired a new position in shares of Marvell Technology in the 2nd quarter worth approximately $108,204,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 2.6 %

The firm has a market cap of $96.83 billion, a P/E ratio of -65.82, a P/E/G ratio of 4.03 and a beta of 1.46. 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 fifty day moving average of $93.92 and a 200-day moving average of $78.26.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio is presently -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.