Marvell Technology (NASDAQ:MRVL) Shares Gap Up on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price gapped up before the market opened on Wednesday after Wells Fargo & Company raised their price target on the stock from $110.00 to $130.00. The stock had previously closed at $95.91, but opened at $112.33. Wells Fargo & Company currently has an overweight rating on the stock. Marvell Technology shares last traded at $116.51, with a volume of 17,341,054 shares.

Several other equities analysts have also recently weighed in on the company. Barclays lifted their price objective on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a report on Wednesday. Roth Mkm reiterated a “buy” rating and issued a $95.00 price target on shares of Marvell Technology in a report on Friday, August 30th. Evercore ISI raised their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday. KeyCorp upped their target price on shares of Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research note on Wednesday. Finally, TD Cowen lifted their price target on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research note on Wednesday. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. Based on data from MarketBeat.com, Marvell Technology currently has an average rating of “Moderate Buy” and an average target price of $117.92.

Insider Activity at Marvell Technology

In related news, CEO Matthew J. Murphy sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, September 16th. The stock was sold at an average price of $73.29, for a total transaction of $439,740.00. Following the transaction, the chief executive officer now directly owns 208,915 shares in the company, valued at $15,311,380.35. This trade represents a 2.79 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 267,000 shares of company stock worth $20,899,260. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% in 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 during the last quarter. Quarry LP purchased a new stake in shares of Marvell Technology during the 2nd quarter valued at about $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the second quarter worth $32,000. Whittier Trust Co. boosted its position in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the last quarter. Finally, Goodman Advisory Group LLC bought a new position in Marvell Technology in the third quarter worth approximately $37,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 21.5 %

The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market capitalization of $103.25 billion, a PE ratio of -103.55, a P/E/G ratio of 4.19 and a beta of 1.46. The company has a 50-day moving average of $83.50 and a two-hundred day moving average of $74.73.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Friday, October 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. Marvell Technology’s dividend payout ratio is currently -21.62%.

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.