Marvell Technology (NASDAQ:MRVL) Trading 0.6% Higher on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shares shot up 0.6% during mid-day 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. 2,911,024 shares were traded during trading, a decline of 72% from the average session volume of 10,380,012 shares. The stock had previously closed at $125.21.

Several other research analysts have also issued reports on MRVL. Cantor Fitzgerald upped their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Susquehanna boosted their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Bank of America increased their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company boosted their price objective on shares of Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Finally, Citigroup increased their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $125.38.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 31,755 shares of company stock worth $3,615,030 over the last three months. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently made changes to their positions in the business. True Wealth Design LLC increased its position in Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares in the last quarter. ORG Partners LLC grew its stake 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. Quarry LP bought a new position in shares of Marvell Technology during the second quarter valued at $32,000. Strategic Investment Solutions Inc. IL purchased a new position in shares of Marvell Technology in the 2nd quarter worth about $32,000. Finally, Kieckhefer Group LLC bought a new position in Marvell Technology in the 4th quarter worth about $33,000. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 0.8 %

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 capitalization of $109.25 billion, a PE ratio of -74.07, a P/E/G ratio of 4.07 and a beta of 1.41. The company’s 50-day moving average is $108.68 and its 200 day moving average is $85.65.

Marvell Technology Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

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.