Marvell Technology (NASDAQ:MRVL) Shares Gap Up - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $50.62, but opened at $54.85. Marvell Technology shares last traded at $55.52, with a volume of 4,554,661 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on MRVL shares. Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a research report on Thursday, March 6th. Citigroup cut their price objective on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Raymond James set a $110.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Bank of America lowered their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating on the stock in a research note on Wednesday, April 16th. Finally, Barclays reduced their price target on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat.com, Marvell Technology presently has a consensus rating of "Moderate Buy" and an average price target of $114.56.

Marvell Technology Trading Up 0.0 %

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 $49.66 billion, a PE ratio of -33.90, a P/E/G ratio of 1.61 and a beta of 1.78. The company's 50-day moving average is $69.50 and its 200 day moving average is $90.68.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.42%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.

Insider Activity

In related news, EVP Mark Casper sold 12,460 shares of the stock in a transaction on Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction dated 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 transaction, the chief operating officer now directly owns 87,931 shares in the company, valued at approximately $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,390 shares of company stock worth $1,937,938. 0.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently made changes to their positions in MRVL. Waterfront Wealth Inc. lifted its stake in Marvell Technology by 42.9% in the first quarter. Waterfront Wealth Inc. now owns 15,136 shares of the semiconductor company's stock valued at $932,000 after acquiring an additional 4,544 shares during the last quarter. KBC Group NV lifted its stake in shares of Marvell Technology by 62.0% in the 1st quarter. KBC Group NV now owns 366,884 shares of the semiconductor company's stock valued at $22,589,000 after purchasing an additional 140,465 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. boosted its holdings in Marvell Technology by 5.9% in the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 2,174,932 shares of the semiconductor company's stock worth $133,911,000 after purchasing an additional 121,799 shares in the last quarter. Golden State Wealth Management LLC increased its position in Marvell Technology by 42.3% during the first quarter. Golden State Wealth Management LLC now owns 2,339 shares of the semiconductor company's stock worth $144,000 after buying an additional 695 shares during the last quarter. Finally, Jeppson Wealth Management LLC raised its holdings in Marvell Technology by 25.8% during the first quarter. Jeppson Wealth Management LLC now owns 3,433 shares of the semiconductor company's stock valued at $211,000 after buying an additional 703 shares in the last quarter. Institutional investors own 83.51% of the company's stock.

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.