Marvell Technology (NASDAQ:MRVL) Trading 2.8% Higher on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 2.8% on Monday after Craig Hallum raised their price target on the stock from $132.00 to $149.00. Craig Hallum currently has a buy rating on the stock. Marvell Technology traded as high as $123.41 and last traded at $121.47. 4,101,763 shares changed hands during trading, a decline of 50% from the average session volume of 8,168,576 shares. The stock had previously closed at $118.18.

MRVL has been the subject of a number of other research reports. Bank of America boosted their target price on Marvell Technology from $108.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. TD Cowen raised their target price on shares of Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Loop Capital lifted their target price on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a "hold" rating in a research note on Wednesday, December 4th. KeyCorp increased their price target on shares of Marvell Technology from $95.00 to $125.00 and gave the company an "overweight" rating in a research report on Wednesday, December 4th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Marvell Technology from $90.00 to $130.00 and gave the company an "overweight" rating in a research note on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $120.64.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, insider Muhammad Raghib Hussain sold 150,000 shares of Marvell Technology stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the completion of the sale, the insider now owns 694,487 shares of the company's stock, valued at approximately $55,906,203.50. This trade represents a 17.76 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Chris Koopmans sold 6,000 shares of the company's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total value of $484,620.00. Following the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $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. In the last ninety days, insiders sold 175,000 shares of company stock worth $14,550,170. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

Marvell Technology Trading Up 0.7 %

The stock has a 50 day simple moving average of $101.24 and a 200-day simple moving average of $81.64. 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 capitalization of $102.98 billion, a P/E ratio of -70.01, a P/E/G ratio of 4.03 and a beta of 1.41.

Marvell Technology Announces Dividend

The business also recently disclosed 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 annualized dividend and a dividend yield of 0.20%. Marvell Technology's dividend payout ratio (DPR) is -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.