Marvell Technology (NASDAQ:MRVL) Trading Up 0.6% Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price shot up 0.6% during trading on Thursday 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 $125.80 and last traded at $125.93. 2,911,024 shares traded hands during trading, a decline of 72% from the average session volume of 10,380,012 shares. The stock had previously closed at $125.21.

MRVL has been the subject of a number of other reports. Craig Hallum increased their target price on Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research note on Monday, January 6th. StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Bank of America upped their target price on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. B. Riley upped their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Finally, TD Cowen increased their price objective on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $125.38.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 6,000 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at approximately $10,180,768.54. This represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 31,755 shares of company stock valued at $3,615,030 over the last ninety days. 0.33% of the stock is currently owned by insiders.

Institutional Trading of Marvell Technology

A number of large investors have recently bought and sold shares of MRVL. Pacer Advisors Inc. increased its holdings in Marvell Technology by 28.8% in the 2nd quarter. Pacer Advisors Inc. now owns 52,685 shares of the semiconductor company’s stock worth $3,683,000 after acquiring an additional 11,792 shares during the last quarter. EverSource Wealth Advisors LLC increased its stake in shares of Marvell Technology by 20.2% in the second quarter. EverSource Wealth Advisors LLC now owns 1,818 shares of the semiconductor company’s stock worth $122,000 after purchasing an additional 305 shares in the last quarter. Xponance Inc. raised its position in shares of Marvell Technology by 6.0% in the second quarter. Xponance Inc. now owns 80,994 shares of the semiconductor company’s stock valued at $5,661,000 after purchasing an additional 4,571 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp lifted its stake in shares of Marvell Technology by 60.2% during the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 165,880 shares of the semiconductor company’s stock valued at $11,595,000 after buying an additional 62,339 shares in the last quarter. Finally, NBW Capital LLC bought a new position in Marvell Technology in the 2nd quarter worth approximately $8,523,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Price Performance

The business’s fifty day simple moving average is $108.68 and its 200-day simple moving average is $85.65. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The firm has a market cap of $109.25 billion, a P/E ratio of -74.07, a PEG ratio of 4.07 and a beta of 1.41.

Marvell Technology Announces Dividend

The company 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 dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.19%. Marvell Technology’s dividend payout ratio is currently -14.12%.

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.