Marvell Technology (NASDAQ:MRVL) Shares Up 3.8% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price shot up 3.8% during trading on Wednesday . The company traded as high as $112.50 and last traded at $111.34. 4,341,984 shares were traded during trading, a decline of 66% from the average session volume of 12,772,446 shares. The stock had previously closed at $107.29.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on MRVL shares. Craig Hallum raised their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. Oppenheimer lifted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. B. Riley boosted their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. JPMorgan Chase & Co. raised their target price on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Finally, Citigroup upped their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Performance

The firm has a 50 day moving average price of $113.59 and a 200-day moving average price of $92.01. 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 company has a market cap of $89.86 billion, a P/E ratio of -61.09, a P/E/G ratio of 1.64 and a beta of 1.40.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.23%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the sale, the chief financial officer now directly owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the transaction, the chief operating officer now directly owns 87,931 shares of the company’s stock, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock valued at $4,330,980 over the last 90 days. 0.33% of the stock is currently owned by company insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. True Wealth Design LLC grew its stake in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. ORG Partners LLC grew its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the 4th quarter worth $26,000. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology during the 4th quarter worth about $27,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. Institutional investors and hedge funds 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.