Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.4% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were up 1.4% during mid-day trading on Wednesday . The company traded as high as $51.71 and last traded at $50.72. Approximately 5,161,550 shares changed hands during mid-day trading, a decline of 61% from the average daily volume of 13,238,904 shares. The stock had previously closed at $50.03.

Analysts Set New Price Targets

MRVL has been the topic of several recent analyst reports. Needham & Company LLC cut their target price on Marvell Technology from $120.00 to $100.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. TD Cowen cut their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Citigroup dropped their price target 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 assumed coverage on shares of Marvell Technology in a report on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective for the company. 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 company. Based on data from MarketBeat, Marvell Technology presently has an average rating of “Moderate Buy” and an average price target of $120.44.

Marvell Technology Price Performance

The stock’s fifty day moving average price is $84.23 and its 200-day moving average price is $92.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $44.45 billion, a price-to-earnings ratio of -30.12, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued a $0.06 dividend. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.47%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the company’s stock in a transaction that occurred 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 quarter, insiders have sold 30,185 shares of company stock worth $3,131,018. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the company. Intrepid Financial Planning Group LLC lifted its holdings in shares of Marvell Technology by 0.3% during the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after buying an additional 90 shares during the last quarter. PDS Planning Inc raised its position in Marvell Technology by 3.3% during the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after acquiring an additional 92 shares in the last quarter. Lodestone Wealth Management LLC lifted its stake in Marvell Technology by 2.0% in the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after acquiring an additional 93 shares during the last quarter. Valley National Advisers Inc. grew its position in Marvell Technology by 0.4% in the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after acquiring an additional 96 shares in the last quarter. Finally, Private Trust Co. NA increased its stake in shares of Marvell Technology by 2.7% during the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock worth $414,000 after purchasing an additional 97 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

Marvell Technology Company Profile

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.