Marvell Technology (NASDAQ:MRVL) Stock Price Up 4.4% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 4.4% during mid-day trading on Friday . The stock traded as high as $114.89 and last traded at $115.23. 3,378,040 shares were traded during mid-day trading, a decline of 73% from the average session volume of 12,703,683 shares. The stock had previously closed at $110.33.

Analysts Set New Price Targets

MRVL has been the topic of a number of recent analyst reports. Stifel Nicolaus boosted their price objective on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, January 6th. KeyCorp lifted their target price on Marvell Technology from $125.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 22nd. JPMorgan Chase & Co. increased their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Morgan Stanley lowered their price objective on shares of Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, TD Cowen increased their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Price Performance

The firm has a market capitalization of $99.65 billion, a P/E ratio of -67.42, a PEG ratio of 3.51 and a beta of 1.41. The business’s 50-day simple moving average is $111.31 and its 200 day simple moving average is $87.15. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of the stock in a transaction on Monday, January 6th. The shares were sold at an average price of $122.65, for a total transaction of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company’s stock, valued at $3,797,121.35. This represents a 13.90 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the transaction, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock valued at $4,361,430 over the last three months. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently modified their holdings of the company. ORG Partners LLC raised its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after acquiring an additional 149 shares during the last quarter. Kieckhefer Group LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. Financial Life Planners purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $33,000. GHP Investment Advisors Inc. increased its position in shares of Marvell Technology by 48.3% during the fourth quarter. GHP Investment Advisors Inc. now owns 344 shares of the semiconductor company’s stock valued at $38,000 after buying an additional 112 shares during the period. Finally, True Wealth Design LLC increased 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 period. 83.51% of the stock is owned by institutional investors.

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.