Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.7% - Here's Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) rose 1.7% during trading on Thursday . The stock traded as high as $118.41 and last traded at $118.23. Approximately 8,362,899 shares changed hands during trading, a decline of 24% from the average daily volume of 11,032,892 shares. The stock had previously closed at $116.23.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on the stock. Barclays upped their price objective on shares of Marvell Technology from $85.00 to $115.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. The Goldman Sachs Group raised their price objective on Marvell Technology from $87.00 to $115.00 and gave the company a "buy" rating in a research note on Thursday, December 5th. B. Riley boosted their target price on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Needham & Company LLC increased their target price on Marvell Technology from $95.00 to $120.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. Finally, TD Cowen lifted their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $120.64.

Marvell Technology Stock Up 1.7 %

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's fifty day moving average price is $102.58 and its 200-day moving average price is $82.20. The stock has a market capitalization of $102.30 billion, a PE ratio of -69.55, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41.

Marvell Technology Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. Marvell Technology's dividend payout ratio is currently -14.12%.

Insider Activity

In other Marvell Technology news, CEO Matthew J. Murphy bought 13,000 shares of Marvell Technology stock in a transaction on Monday, October 14th. The stock was acquired at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the acquisition, the chief executive officer now owns 221,915 shares in the company, valued at approximately $17,227,261.45. This trade represents a 6.22 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the transaction, the chief financial officer now directly owns 110,253 shares in the company, valued at approximately $8,875,366.50. The trade was a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 180,000 shares of company stock worth $15,163,420 over the last three months. 0.33% of the stock is currently owned by corporate insiders.

Institutional Trading of Marvell Technology

Large investors have recently made changes to their positions in the stock. Davidson Kempner Capital Management LP boosted its holdings in Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock worth $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. purchased a new position in shares of Marvell Technology in the 3rd quarter worth $16,435,000. Charles Schwab Investment Management Inc. grew its holdings in shares of Marvell Technology by 2.1% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock worth $235,247,000 after acquiring an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. increased its position in Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company's stock valued at $206,418,000 after acquiring an additional 535,203 shares during the last quarter. Finally, Franchise Capital Ltd bought a new position in Marvell Technology in the fourth quarter valued at about $1,476,000. 83.51% of the stock is currently owned by institutional investors.

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.