Marvell Technology (NASDAQ:MRVL) Trading 0.8% Higher – What’s Next?

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 0.8% on Tuesday . The company traded as high as $62.38 and last traded at $62.08. Approximately 2,974,888 shares traded hands during trading, a decline of 81% from the average daily volume of 15,959,597 shares. The stock had previously closed at $61.57.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on MRVL shares. TD Cowen reduced their price objective on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Loop Capital upgraded shares of Marvell Technology from a “hold” rating to a “buy” rating and set a $110.00 target price on the stock in a report on Thursday, March 6th. The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a report on Friday, January 10th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. Finally, Piper Sandler lowered their target price on shares of Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Performance

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 company has a market capitalization of $54.76 billion, a price-to-earnings ratio of -37.19, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The stock has a 50-day simple moving average of $90.32 and a 200-day simple moving average of $93.37.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio is currently -23.53%.

Insider Activity

In related news, Director Michael G. Strachan sold 5,000 shares of the business’s stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This represents a 13.90 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 35,185 shares of company stock worth $3,744,268. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Institutional investors have recently modified their holdings of the company. State Street Corp boosted its position in shares of Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock worth $1,438,336,000 after buying an additional 68,893 shares during the period. Invesco Ltd. increased its holdings in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares during the period. Janus Henderson Group PLC raised its stake in shares of Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. Wellington Management Group LLP lifted its holdings in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Finally, Geode Capital Management LLC grew its position in Marvell Technology by 0.7% in the 4th quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after buying an additional 80,005 shares in the last quarter. Institutional investors 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.