Marvell Technology (NASDAQ:MRVL) Stock Price Up 1.5% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded up 1.5% on Friday . The stock traded as high as $104.43 and last traded at $105.04. 5,617,969 shares traded hands during mid-day trading, a decline of 56% from the average session volume of 12,884,120 shares. The stock had previously closed at $103.50.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. TD Cowen upped their target price on Marvell Technology from $90.00 to $125.00 and gave the stock a "buy" rating in a research report on Wednesday, December 4th. UBS Group upped their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Piper Sandler reiterated an "overweight" rating and set a $120.00 price target (up from $100.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. KeyCorp increased their target price on shares of Marvell Technology from $125.00 to $135.00 and gave the company an "overweight" rating in a research report on Wednesday, January 22nd. Finally, Stifel Nicolaus increased their price objective on shares of Marvell Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Monday, January 6th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology currently has an average rating of "Moderate Buy" and an average price target of $127.60.

Marvell Technology Stock Up 3.5 %

The stock has a 50-day moving average of $113.93 and a two-hundred day moving average of $91.57. The company has a market cap of $96.08 billion, a P/E ratio of -65.32, a P/E/G ratio of 1.58 and a beta of 1.40. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. Marvell Technology's dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling

In other news, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the transaction, the executive vice president now directly owns 97,244 shares in the company, valued at $11,912,390. This trade represents a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now owns 112,711 shares of the company's stock, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 36,255 shares of company stock valued at $4,330,980 over the last ninety days. Company insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Exchange Traded Concepts LLC increased its position in shares of Marvell Technology by 125.4% during the 3rd quarter. Exchange Traded Concepts LLC now owns 604 shares of the semiconductor company's stock valued at $44,000 after purchasing an additional 336 shares during the last quarter. Creative Planning boosted its holdings in Marvell Technology by 37.5% during the 3rd quarter. Creative Planning now owns 103,740 shares of the semiconductor company's stock valued at $7,482,000 after acquiring an additional 28,286 shares during the period. Swedbank AB boosted its holdings in Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company's stock valued at $170,037,000 after acquiring an additional 23,680 shares during the period. Blue Trust Inc. lifted its holdings in shares of Marvell Technology by 19.6% in the 3rd quarter. Blue Trust Inc. now owns 7,102 shares of the semiconductor company's stock worth $496,000 after buying an additional 1,164 shares during the period. Finally, Cyndeo Wealth Partners LLC lifted its holdings in shares of Marvell Technology by 15.2% in the 3rd quarter. Cyndeo Wealth Partners LLC now owns 3,934 shares of the semiconductor company's stock worth $284,000 after buying an additional 519 shares during the period. Institutional investors own 83.51% of the company's stock.

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.