Marvell Technology (NASDAQ:MRVL) Shares Up 2.6% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was up 2.6% on Friday . The company traded as high as $117.80 and last traded at $116.48. Approximately 3,686,577 shares traded hands during trading, a decline of 40% from the average daily volume of 6,182,153 shares. The stock had previously closed at $113.56.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on MRVL. StockNews.com downgraded shares of Marvell Technology from a “hold” rating to a “sell” rating in a report on Wednesday. Oppenheimer boosted their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Barclays raised their price objective on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. The Goldman Sachs Group upped their target price on Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Finally, Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $119.76.

Marvell Technology Stock Performance

The company’s fifty day simple moving average is $100.53 and its two-hundred day simple moving average is $81.26. 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 stock has a market capitalization of $102.26 billion, a P/E ratio of -69.52, a PEG ratio of 4.03 and a beta of 1.41.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.20%. Marvell Technology’s payout ratio is currently -14.12%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the completion of the sale, the chief financial officer now owns 110,253 shares of the company’s stock, valued at $8,875,366.50. The trade was a 1.34 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew J. Murphy bought 13,000 shares of the firm’s stock in a transaction on Monday, October 14th. The shares were acquired at an average price of $77.63 per share, for a total transaction of $1,009,190.00. Following the transaction, the chief executive officer now owns 221,915 shares in the company, valued at approximately $17,227,261.45. This represents a 6.22 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders sold 172,500 shares of company stock worth $14,267,670 in the last ninety days. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. True Wealth Design LLC grew its holdings in shares of Marvell Technology by 1,481.8% during 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 in the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology during the second quarter worth about $32,000. Quarry LP bought a new position in Marvell Technology in the 2nd quarter valued at about $32,000. Whittier Trust Co. raised its position in shares of 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 buying an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology during the 3rd quarter worth approximately $37,000. 83.51% of the stock is owned by institutional investors and hedge funds.

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.