Marvell Technology (NASDAQ:MRVL) Trading Up 1.2% – Here’s Why

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

Analysts Set New Price Targets

A number of analysts recently weighed in on MRVL shares. Rosenblatt Securities restated a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Piper Sandler dropped their target price on Marvell Technology from $120.00 to $95.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Melius Research raised Marvell Technology to a “strong-buy” rating in a research note on Monday, January 27th. Finally, Morgan Stanley decreased their price target on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating on the stock in a research note on Thursday, March 6th. Three investment 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. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $120.44.

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 fifty day simple moving average of $103.79 and a 200 day simple moving average of $93.94. The firm has a market capitalization of $60.68 billion, a P/E ratio of -41.27, a P/E/G ratio of 1.61 and a beta of 1.42.

Insiders Place Their Bets

In related news, Director Brad W. Buss bought 3,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were acquired at an average cost of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares of the company’s stock, valued at $6,010,797. The trade was a 3.57 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the sale, the chief operating officer now directly owns 87,931 shares in the company, valued at $9,351,461.85. This trade represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,755 shares of company stock valued at $3,412,230. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of MRVL. Swedbank AB lifted its holdings in shares of Marvell Technology by 1.0% during the third quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company’s stock valued at $170,037,000 after purchasing an additional 23,680 shares in the last quarter. KBC Group NV lifted its holdings in shares of Marvell Technology by 7.2% during the third quarter. KBC Group NV now owns 121,865 shares of the semiconductor company’s stock valued at $8,788,000 after purchasing an additional 8,155 shares in the last quarter. OneDigital Investment Advisors LLC lifted its holdings in shares of Marvell Technology by 89.5% during the third quarter. OneDigital Investment Advisors LLC now owns 44,578 shares of the semiconductor company’s stock valued at $3,215,000 after purchasing an additional 21,048 shares in the last quarter. CIBC Asset Management Inc increased its position in Marvell Technology by 6.7% during the third quarter. CIBC Asset Management Inc now owns 190,403 shares of the semiconductor company’s stock valued at $13,732,000 after acquiring an additional 11,912 shares during the last quarter. Finally, Natixis Advisors LLC increased its position in Marvell Technology by 55.4% during the third quarter. Natixis Advisors LLC now owns 1,068,155 shares of the semiconductor company’s stock valued at $77,035,000 after acquiring an additional 380,876 shares during the last quarter. 83.51% of the stock is owned by institutional investors.

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.