Marvell Technology (NASDAQ:MRVL) Trading 1.9% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) shares were up 1.9% during mid-day trading on Wednesday . The company traded as high as $116.00 and last traded at $115.95. Approximately 5,660,902 shares changed hands during trading, a decline of 55% from the average daily volume of 12,683,165 shares. The stock had previously closed at $113.76.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on MRVL shares. Evercore ISI upped their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Loop Capital lifted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Roth Mkm reaffirmed a “buy” rating and set a $95.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday, December 2nd. Finally, UBS Group boosted their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $119.76.

Marvell Technology Stock Performance

The stock has a fifty day moving average of $95.38 and a 200-day moving average of $78.98. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The stock has a market capitalization of $100.33 billion, a PE ratio of -68.21, a price-to-earnings-growth ratio of 4.03 and a beta of 1.46.

Marvell Technology Announces Dividend

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

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $120,750.00. Following the transaction, the chief financial officer now owns 110,253 shares in the company, valued at $8,875,366.50. The trade was a 1.34 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now owns 22,494 shares of the company’s stock, valued at approximately $1,593,250.02. The trade was a 10.00 % 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 valued at $14,444,745. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently made changes to their positions in the stock. Checchi Capital Advisers LLC grew its holdings in shares of Marvell Technology by 6.7% in the 2nd quarter. Checchi Capital Advisers LLC now owns 4,359 shares of the semiconductor company’s stock worth $305,000 after acquiring an additional 274 shares during the period. Kintegral Advisory LLC increased its position in Marvell Technology by 2.0% during the second quarter. Kintegral Advisory LLC now owns 12,710 shares of the semiconductor company’s stock worth $888,000 after buying an additional 250 shares in the last quarter. HB Wealth Management LLC raised its holdings in shares of Marvell Technology by 51.5% in the second quarter. HB Wealth Management LLC now owns 15,297 shares of the semiconductor company’s stock worth $1,069,000 after acquiring an additional 5,203 shares during the last quarter. Arkadios Wealth Advisors purchased a new stake in shares of Marvell Technology in the second quarter valued at $408,000. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its stake in shares of Marvell Technology by 22.0% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,485 shares of the semiconductor company’s stock valued at $102,000 after acquiring an additional 268 shares during the last quarter. Hedge funds and other 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.