Marvell Technology (NASDAQ:MRVL) Trading Up 0.6% After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was up 0.6% during trading on Thursday after KeyCorp raised their price target on the stock from $125.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Marvell Technology traded as high as $125.80 and last traded at $125.93. Approximately 2,911,024 shares changed hands during mid-day trading, a decline of 72% from the average daily volume of 10,380,012 shares. The stock had previously closed at $125.21.

MRVL has been the subject of several other reports. Cantor Fitzgerald raised their target price on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Citigroup boosted their price objective on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. UBS Group increased their target price on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Bank of America boosted their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Susquehanna raised their price objective on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. According to data from MarketBeat, Marvell Technology presently has a consensus rating of “Moderate Buy” and a consensus price target of $125.38.

Insider Buying and Selling

In related news, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $534,840.00. Following the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,755 shares of company stock worth $4,361,430. 0.33% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. EverSource Wealth Advisors LLC boosted its holdings in Marvell Technology by 20.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,818 shares of the semiconductor company’s stock worth $122,000 after buying an additional 305 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its holdings in shares of Marvell Technology by 60.2% in the second quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 165,880 shares of the semiconductor company’s stock worth $11,595,000 after acquiring an additional 62,339 shares during the period. AXA S.A. grew its position in shares of Marvell Technology by 3.9% in the second quarter. AXA S.A. now owns 693,329 shares of the semiconductor company’s stock valued at $48,464,000 after purchasing an additional 26,078 shares in the last quarter. AQR Capital Management LLC raised its stake in shares of Marvell Technology by 597.5% during the 2nd quarter. AQR Capital Management LLC now owns 437,771 shares of the semiconductor company’s stock valued at $30,600,000 after purchasing an additional 375,012 shares during the period. Finally, APG Asset Management US Inc. lifted its holdings in Marvell Technology by 2.1% during the 2nd quarter. APG Asset Management US Inc. now owns 270,087 shares of the semiconductor company’s stock worth $19,176,000 after purchasing an additional 5,566 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Price Performance

The business has a fifty day moving average of $108.68 and a 200-day moving average of $85.65. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a market cap of $109.08 billion, a PE ratio of -74.15, a PEG ratio of 4.07 and a beta of 1.41.

Marvell Technology Announces Dividend

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 given a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

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.