Marvell Technology, Inc. (NASDAQ:MRVL) Short Interest Update

Marvell Technology, Inc. (NASDAQ:MRVL) was the recipient of a large growth in short interest during the month of February. As of February 28th, there was short interest totalling 24,230,000 shares, a growth of 24.0% from the February 13th total of 19,540,000 shares. Approximately 2.8% of the company’s shares are sold short. Based on an average trading volume of 17,370,000 shares, the days-to-cover ratio is currently 1.4 days.

Marvell Technology Stock Up 0.6 %

MRVL stock opened at $68.67 on Wednesday. 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 has a 52 week low of $53.19 and a 52 week high of $127.48. The firm has a 50 day moving average of $101.86 and a 200 day moving average of $93.89. The stock has a market capitalization of $59.47 billion, a PE ratio of -40.33, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42.

Wall Street Analyst Weigh In

MRVL has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an “overweight” rating in a report on Wednesday, December 4th. KeyCorp cut their target price on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research report on Thursday, March 6th. Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup cut their target price on shares of Marvell Technology from $136.00 to $122.00 and set a “buy” rating on the stock in a research report on Thursday, March 6th. Finally, Melius initiated coverage on shares of Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 target price on the stock. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.44.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Brad W. Buss acquired 3,000 shares of the firm’s stock in a transaction that occurred on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This represents a 3.57 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently bought and sold shares of MRVL. Norges Bank acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $802,410,000. Nuveen Asset Management LLC lifted its stake in Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company’s stock valued at $1,033,859,000 after acquiring an additional 6,543,132 shares during the period. Wellington Management Group LLP lifted its stake in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares during the period. Finally, Invesco Ltd. lifted its stake in Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.