Marvell Technology (NASDAQ:MRVL) Trading 1.2% Higher – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price shot up 1.2% during trading on Monday . The stock traded as high as $70.57 and last traded at $69.55. 4,137,644 shares changed hands during mid-day trading, a decline of 67% from the average session volume of 12,638,972 shares. The stock had previously closed at $68.74.

Wall Street Analyst Weigh In

Several research firms recently commented on MRVL. William Blair raised Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a report on Thursday, March 6th. Needham & Company LLC cut their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Bank of America cut their price target on Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Finally, Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Three equities research 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 company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Price Performance

The stock has a 50-day moving average price of $101.86 and a 200 day moving average price of $93.89. 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 $59.13 billion, a price-to-earnings ratio of -40.16, a PEG ratio of 1.61 and a beta of 1.42.

Insider Transactions at Marvell Technology

In related news, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now owns 81,931 shares in the company, valued at $5,639,310.73. The trade was a 6.82 % decrease in their position. The sale was disclosed in a legal 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 that occurred 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 transaction, the chief financial officer now owns 113,592 shares in the company, valued at $7,818,537.36. The trade was a 1.30 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,685 shares of company stock worth $4,026,768. Corporate insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Zweig DiMenna Associates LLC increased its position in Marvell Technology by 6.3% during the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock worth $23,583,000 after purchasing an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new position in Marvell Technology during the 4th quarter worth approximately $637,000. RFG Advisory LLC increased 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 purchasing an additional 2,507 shares during the period. Charles Schwab Investment Management Inc. increased its position in Marvell Technology by 2.1% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after purchasing an additional 66,654 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its position in Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after purchasing an additional 535,203 shares during the period. Institutional investors and hedge funds 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.