Marvell Technology (NASDAQ:MRVL) Trading Up 2.6% After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price shot up 2.6% on Friday after Morgan Stanley raised their price target on the stock from $102.00 to $120.00. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology traded as high as $112.48 and last traded at $111.94. 4,795,960 shares traded hands during trading, a decline of 62% from the average session volume of 12,625,783 shares. The stock had previously closed at $109.11.

Other equities analysts have also issued reports about the company. Benchmark reiterated a "buy" rating and issued a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a report on Monday, December 2nd. Loop Capital raised their price objective on shares of Marvell Technology from $95.00 to $110.00 and gave the stock a "hold" rating in a report on Wednesday, December 4th. B. Riley upped their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a research note on Wednesday, December 4th. Finally, Evercore ISI increased their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an "outperform" rating in a report on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $119.76.

Insider Activity at Marvell Technology

In other news, EVP Mark Casper sold 2,500 shares of Marvell Technology stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares of the company's stock, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares of the company's stock, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 175,000 shares of company stock worth $14,444,745. Insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently made changes to their positions in MRVL. Citizens Financial Group Inc. RI grew its stake in Marvell Technology by 1.5% during the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company's stock worth $566,000 after buying an additional 116 shares in the last quarter. Crumly & Associates Inc. boosted its position in shares of Marvell Technology by 1.5% during the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company's stock worth $593,000 after acquiring an additional 121 shares in the last quarter. United Capital Management of KS Inc. increased its stake in Marvell Technology by 0.4% in the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company's stock valued at $2,470,000 after acquiring an additional 131 shares during the last quarter. Integrated Wealth Concepts LLC raised its position in Marvell Technology by 1.4% during the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company's stock valued at $716,000 after purchasing an additional 139 shares in the last quarter. Finally, ASB Consultores LLC lifted its stake in Marvell Technology by 3.8% during the third quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company's stock worth $276,000 after purchasing an additional 140 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Performance

The stock has a fifty day simple moving average of $93.17 and a two-hundred day simple moving average of $77.87. 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 stock has a market cap of $96.83 billion, a price-to-earnings ratio of -65.82, a P/E/G ratio of 4.03 and a beta of 1.46.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology's dividend payout ratio is presently -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.