Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.4% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares traded up 2.4% on Tuesday . The stock traded as high as $105.05 and last traded at $102.77. 7,381,645 shares traded hands during mid-day trading, a decline of 39% from the average session volume of 12,189,245 shares. The stock had previously closed at $100.33.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Cantor Fitzgerald boosted their target price on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. KeyCorp boosted their price objective on Marvell Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. Benchmark reiterated a “buy” rating and issued a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Melius Research upgraded Marvell Technology to a “strong-buy” rating in a report on Monday. Finally, Evercore ISI lifted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Marvell Technology currently has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Price Performance

The stock has a 50 day moving average of $111.31 and a 200-day moving average of $87.15. 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 cap of $95.47 billion, a PE ratio of -64.90, a price-to-earnings-growth ratio of 4.12 and a beta of 1.41.

Marvell Technology Announces Dividend

The firm also recently declared 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. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.22%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 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 value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mark Casper sold 7,755 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $4,361,430 in the last ninety days. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Zweig DiMenna Associates LLC boosted its position in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after acquiring an additional 12,700 shares during the last quarter. Berbice Capital Management LLC purchased a new position in Marvell Technology during the fourth quarter worth about $637,000. RFG Advisory LLC increased its holdings in shares of Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after buying an additional 2,507 shares during the last quarter. Braun Stacey Associates Inc. purchased a new position in Marvell Technology in the third quarter worth approximately $16,435,000. Finally, Charles Schwab Investment Management Inc. increased its stake in Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 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.