Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price was up 1.4% during mid-day trading on Wednesday . The stock traded as high as $51.71 and last traded at $50.72. Approximately 5,161,550 shares traded hands during mid-day trading, a decline of 61% from the average daily volume of 13,238,904 shares. The stock had previously closed at $50.03.
Analyst Ratings Changes
MRVL has been the subject of several research reports. Stifel Nicolaus lowered their target price on Marvell Technology from $130.00 to $115.00 and set a "buy" rating for the company in a report on Thursday, March 6th. Craig Hallum upped their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a research note on Monday, January 6th. Wells Fargo & Company reissued an "overweight" rating on shares of Marvell Technology in a research report on Thursday, March 6th. Benchmark reiterated a "buy" rating and set a $135.00 price objective on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Morgan Stanley reduced their price objective on shares of Marvell Technology from $113.00 to $90.00 and set an "equal weight" rating for the company in a research note on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $119.48.
Read Our Latest Report on MRVL
Marvell Technology Stock Up 1.0 %
The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The business's 50 day moving average price is $79.86 and its 200 day moving average price is $92.05. The firm has a market cap of $46.24 billion, a PE ratio of -31.41, a PEG ratio of 1.61 and a beta of 1.78.
Marvell Technology Dividend Announcement
The company also recently announced 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 0.45%. Marvell Technology's payout ratio is currently -23.53%.
Insider Transactions at Marvell Technology
In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the stock in a transaction on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at $6,010,797. This trade represents a 3.57 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now owns 111,211 shares of the company's stock, valued at $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,185 shares of company stock valued at $3,131,018 over the last ninety days. Insiders own 0.33% of the company's stock.
Institutional Investors Weigh In On Marvell Technology
A number of large investors have recently made changes to their positions in the stock. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter worth $26,000. ORG Partners LLC grew its holdings in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 149 shares during the period. Rialto Wealth Management LLC acquired a new stake in Marvell Technology during the fourth quarter worth about $27,000. Kieckhefer Group LLC purchased a new position in Marvell Technology during the fourth quarter worth about $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology in the 4th quarter valued at approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.
About Marvell Technology
(
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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.
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