Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.8% After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price traded up 0.8% on Wednesday after KeyCorp raised their price target on the stock from $125.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Marvell Technology traded as high as $126.00 and last traded at $124.72. 3,205,414 shares traded hands during trading, a decline of 69% from the average session volume of 10,448,984 shares. The stock had previously closed at $123.78.

Several other brokerages also recently weighed in on MRVL. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Susquehanna increased their target price on Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Citigroup boosted their price target on Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Benchmark reiterated a “buy” rating and set a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Morgan Stanley upped their target price on shares of Marvell Technology from $102.00 to $120.00 and gave the stock an “equal weight” rating in a research report on Friday, December 20th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $125.38.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the transaction, the chief financial officer now owns 111,211 shares of the company’s stock, valued at $13,159,597.63. This represents a 1.33 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 31,755 shares of company stock worth $3,615,030. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in MRVL. Mercer Global Advisors Inc. ADV increased its holdings in Marvell Technology by 21.6% during the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 33,540 shares of the semiconductor company’s stock worth $2,344,000 after purchasing an additional 5,969 shares during the period. Pacer Advisors Inc. increased its stake in shares of Marvell Technology by 28.8% during the second quarter. Pacer Advisors Inc. now owns 52,685 shares of the semiconductor company’s stock valued at $3,683,000 after buying an additional 11,792 shares during the period. Thrivent Financial for Lutherans raised its holdings in shares of Marvell Technology by 208.9% in the second quarter. Thrivent Financial for Lutherans now owns 307,225 shares of the semiconductor company’s stock valued at $21,476,000 after acquiring an additional 207,773 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Marvell Technology by 7.3% in the second quarter. Summit Trail Advisors LLC now owns 5,805 shares of the semiconductor company’s stock worth $406,000 after acquiring an additional 397 shares during the period. Finally, EverSource Wealth Advisors LLC grew its holdings in Marvell Technology by 20.2% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,818 shares of the semiconductor company’s stock worth $122,000 after acquiring an additional 305 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Up 1.0 %

The business’s 50-day simple moving average is $107.97 and its 200 day simple moving average is $85.37. The firm has a market cap of $108.16 billion, a PE ratio of -73.38, a P/E/G ratio of 4.10 and a beta of 1.41. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.19%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

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.