Marvell Technology (NASDAQ:MRVL) Shares Gap Up on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up before the market opened on Wednesday after Wells Fargo & Company raised their price target on the stock from $110.00 to $130.00. The stock had previously closed at $95.91, but opened at $112.33. Wells Fargo & Company currently has an overweight rating on the stock. Marvell Technology shares last traded at $116.51, with a volume of 17,341,054 shares.

A number of other equities research analysts have also recently weighed in on the company. B. Riley lifted their price objective on Marvell Technology from $105.00 to $135.00 and gave the company a “buy” rating in a research note on Wednesday. Benchmark reaffirmed a “buy” rating and set a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a research report on Wednesday. TD Cowen upped their price target on Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a report on Wednesday. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Monday. Finally, Roth Mkm reaffirmed a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $117.92.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of the business’s stock in a transaction dated Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now directly owns 694,487 shares in the company, valued at $55,906,203.50. The trade was a 17.76 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $80.77, for a total value of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 267,000 shares of company stock valued at $20,899,260 in the last ninety days. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Hedge funds have recently modified their holdings of the stock. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new stake in Marvell Technology in the second quarter worth about $32,000. Quarry LP bought a new stake in Marvell Technology during the 2nd quarter worth about $32,000. Whittier Trust Co. lifted its position in Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new position in shares of Marvell Technology in the 3rd quarter valued at about $37,000. 83.51% of the stock is owned by institutional investors.

Marvell Technology Stock Performance

The company has a debt-to-equity ratio of 0.28, a quick ratio of 1.26 and a current ratio of 1.79. The company has a market cap of $103.25 billion, a price-to-earnings ratio of -103.55, a PEG ratio of 4.19 and a beta of 1.46. The firm’s 50-day moving average price is $83.50 and its 200 day moving average price is $74.73.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio is currently -21.62%.

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.