Marvell Technology (NASDAQ:MRVL) Trading 1% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) was up 1% on Monday . The stock traded as high as $56.03 and last traded at $53.91. Approximately 5,095,137 shares were traded during trading, a decline of 62% from the average daily volume of 13,401,356 shares. The stock had previously closed at $53.39.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on MRVL. Citigroup decreased their price objective on Marvell Technology from $122.00 to $96.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Benchmark reiterated a “buy” rating and set a $135.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. Bank of America reduced their target price on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating on the stock in a research note on Thursday, March 6th. Finally, Needham & Company LLC dropped their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $119.48.

Marvell Technology Stock Up 2.0 %

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 company has a market cap of $46.18 billion, a P/E ratio of -31.36, a P/E/G ratio of 1.61 and a beta of 1.78. The business’s 50 day moving average is $77.26 and its 200 day moving average is $91.78.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.45%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company’s stock, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 28,685 shares of company stock valued at $2,953,523 over the last 90 days. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of institutional investors have recently bought and sold shares of MRVL. Zweig DiMenna Associates LLC raised its holdings in shares of Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after buying an additional 12,700 shares during the last quarter. Berbice Capital Management LLC purchased a new position in Marvell Technology in the 4th quarter worth $637,000. RFG Advisory LLC lifted its position in Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after acquiring an additional 2,507 shares during the period. Franchise Capital Ltd purchased a new stake in Marvell Technology during the 4th quarter valued at about $1,476,000. Finally, United Asset Strategies Inc. grew its stake in Marvell Technology by 7.1% during the 4th quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company’s stock valued at $24,287,000 after purchasing an additional 14,547 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.