Marvell Technology (NASDAQ:MRVL) Shares Up 0.8% - What's Next?

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price was up 0.8% during trading on Tuesday . The stock traded as high as $62.38 and last traded at $62.08. Approximately 2,974,888 shares changed hands during trading, a decline of 81% from the average daily volume of 15,959,597 shares. The stock had previously closed at $61.57.

Analysts Set New Price Targets

MRVL has been the topic of several recent research reports. Craig Hallum raised their target price on Marvell Technology from $132.00 to $149.00 and gave the company a "buy" rating in a report on Monday, January 6th. Needham & Company LLC reduced their target price on Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a report on Thursday, March 6th. UBS Group increased their price target on Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. The Goldman Sachs Group lifted their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Finally, Loop Capital raised shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective for the company in a report on Thursday, March 6th. 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 stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $120.44.

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Marvell Technology Price Performance

The company has a 50-day moving average of $90.32 and a 200 day moving average of $93.37. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The firm has a market cap of $54.76 billion, a P/E ratio of -37.19, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be issued a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology's payout ratio is presently -23.53%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the business's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares of the company's stock, valued at approximately $2,138,125. The trade was a 4.40 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the completion of the sale, the chief financial officer now owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is owned by insiders.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. Norges Bank acquired a new position in shares of Marvell Technology during the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC acquired a new position in Marvell Technology during the 4th quarter worth $802,410,000. Nuveen Asset Management LLC boosted its position in Marvell Technology by 232.2% in the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock valued at $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP increased its stake in shares of Marvell Technology by 43.1% in the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after buying an additional 3,747,982 shares during the period. Finally, Invesco Ltd. raised its position in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after acquiring an additional 3,737,705 shares during 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.