Marvell Technology (NASDAQ:MRVL) Shares Up 3.4% – What’s Next?

by · The Markets Daily

Marvell Technology, Inc. (NASDAQ:MRVL – Get Free Report)’s share price rose 3.4% during mid-day trading on Thursday . The stock traded as high as $110.38 and last traded at $108.82. 7,351,373 shares traded hands during mid-day trading, a decline of 42% from the average session volume of 12,602,374 shares. The stock had previously closed at $105.28.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of research analyst reports. Morgan Stanley raised their price objective on shares of Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research note on Friday. Bank of America boosted their price objective on Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Wells Fargo & Company lifted their target price on Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday, December 2nd. Finally, Citigroup lifted their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average target price of $119.76.

Get Our Latest Report on Marvell Technology

Marvell Technology Stock Up 2.6 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business has a 50 day simple moving average of $93.92 and a 200 day simple moving average of $78.18. The stock has a market cap of $96.83 billion, a PE ratio of -65.82, a P/E/G ratio of 4.03 and a beta of 1.46.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Activity

In related news, insider Muhammad Raghib Hussain sold 150,000 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at approximately $11,912,390. This represents a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 175,000 shares of company stock worth $14,444,745. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the third 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 during the last quarter. Quarry LP acquired a new position in Marvell Technology in the 2nd quarter valued at approximately $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology in the 2nd quarter worth approximately $32,000. Whittier Trust Co. grew its holdings in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology during the third quarter valued at approximately $37,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Company Profile

(Get Free Report)

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.

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