Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.7% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price rose 1.7% on Thursday . The company traded as high as $71.11 and last traded at $70.97. Approximately 2,227,620 shares were traded during trading, a decline of 82% from the average daily volume of 12,603,498 shares. The stock had previously closed at $69.81.

Wall Street Analyst Weigh In

Several research analysts have weighed in on the company. KeyCorp lowered their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Bank of America cut their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Morgan Stanley lowered their target price on shares of Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a report on Thursday, March 6th. Finally, Evercore ISI increased their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Marvell Technology currently has an average rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Stock Down 0.1 %

The firm’s fifty day simple moving average is $99.06 and its 200-day simple moving average is $93.52. The company has a market cap of $60.96 billion, a PE ratio of -41.41, a P/E/G ratio of 1.61 and a beta of 1.42. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.34%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total transaction of $282,500.00. Following the sale, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at $2,791,778. This trade represents a 9.19 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This represents a 6.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently made changes to their positions in the business. True Wealth Design LLC boosted its stake in 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 buying an additional 326 shares during the last quarter. ORG Partners LLC boosted its position in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after acquiring an additional 149 shares during the last quarter. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter worth approximately $26,000. Rialto Wealth Management LLC purchased a new stake in Marvell Technology in the fourth quarter valued at approximately $27,000. Finally, Kieckhefer Group LLC acquired a new position in Marvell Technology during the fourth quarter worth approximately $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.