Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.6% – What’s Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 2.6% on Friday . The stock traded as high as $117.80 and last traded at $116.48. 3,686,577 shares traded hands during mid-day trading, a decline of 40% from the average session volume of 6,182,153 shares. The stock had previously closed at $113.56.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. UBS Group raised 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. Wells Fargo & Company boosted their price objective on shares of Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Citigroup increased their target price on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. StockNews.com lowered Marvell Technology from a “hold” rating to a “sell” rating in a research report on Wednesday. Finally, B. Riley raised their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and twenty-four have given a buy rating to the company. Based on data from MarketBeat.com, Marvell Technology presently has a consensus rating of “Moderate Buy” and an average price target of $119.76.

Marvell Technology Trading Up 3.4 %

The stock has a 50-day moving average of $99.80 and a 200 day moving average of $80.88. 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 cap of $101.58 billion, a PE ratio of -69.05, a price-to-earnings-growth ratio of 4.03 and a beta of 1.46.

Marvell Technology Dividend Announcement

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 dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Activity at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the transaction, the executive vice president now directly owns 97,244 shares in the company, valued at $11,912,390. The trade was a 5.81 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $183,750.00. Following the sale, the chief financial officer now owns 112,711 shares in the company, valued at approximately $13,807,097.50. This represents a 1.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 172,500 shares of company stock worth $14,267,670 over the last three months. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of large investors have recently bought and sold shares of MRVL. State Street Corp lifted its position in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after buying an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. lifted its holdings in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Marvell Technology by 2.0% in the third quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company’s stock valued at $818,916,000 after purchasing an additional 219,692 shares during the period. Wellington Management Group LLP increased its stake in shares of Marvell Technology by 4.3% during the third quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company’s stock worth $627,034,000 after purchasing an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp raised its position in shares of Marvell Technology by 26.6% during the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the last quarter. Institutional investors and hedge funds 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.