Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.8% Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price shot up 0.8% during trading on Wednesday 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 $126.00 and last traded at $124.72. 3,205,414 shares changed hands during mid-day trading, a decline of 69% from the average session volume of 10,448,984 shares. The stock had previously closed at $123.78.

Other equities research analysts have also recently issued research reports about the stock. 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 research report on Wednesday, December 4th. Cantor Fitzgerald raised their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Needham & Company LLC increased their price target on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Rosenblatt Securities boosted their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Thursday, January 9th. Three analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $125.38.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at $9,203,170.16. This represents a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 7,755 shares of Marvell Technology 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. Over the last three months, insiders have sold 31,755 shares of company stock valued at $3,615,030. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently made changes to their positions in the company. Braun Stacey Associates Inc. purchased a new stake in shares of Marvell Technology during the third quarter worth approximately $16,435,000. Charles Schwab Investment Management Inc. boosted its stake in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after buying an additional 535,203 shares in the last quarter. Franchise Capital Ltd acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $1,476,000. Finally, Wilmington Savings Fund Society FSB purchased a new position in shares of Marvell Technology in the third quarter worth about $3,432,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Stock Up 1.0 %

The stock has a market capitalization of $108.16 billion, a price-to-earnings ratio of -73.38, a price-to-earnings-growth ratio of 4.10 and a beta of 1.41. 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 business’s 50-day moving average is $107.97 and its two-hundred day moving average is $85.37.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be issued 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 of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio 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.