Marvell Technology (NASDAQ:MRVL) Stock Price Up 2.9% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price rose 2.9% during trading on Thursday . The stock traded as high as $119.73 and last traded at $119.40. Approximately 4,032,821 shares changed hands during mid-day trading, a decline of 58% from the average daily volume of 9,672,666 shares. The stock had previously closed at $116.00.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the company. StockNews.com raised Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. B. Riley raised their price objective on Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Barclays raised their price objective on Marvell Technology from $115.00 to $150.00 and gave the stock an "overweight" rating in a report on Friday. Morgan Stanley raised their price objective on Marvell Technology from $102.00 to $120.00 and gave the stock an "equal weight" rating in a report on Friday, December 20th. Finally, Evercore ISI raised their price objective 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 stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $123.08.

Marvell Technology Price Performance

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 capitalization of $107.95 billion, a price-to-earnings ratio of -73.39, a P/E/G ratio of 3.76 and a beta of 1.41. The company has a 50-day moving average of $106.70 and a 200-day moving average of $84.46.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.19%. Marvell Technology's dividend payout ratio is currently -14.12%.

Insiders Place Their Bets

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Wednesday, January 15th. The shares were sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the sale, the chief financial officer now directly owns 111,211 shares of the company's stock, valued at approximately $13,159,597.63. The trade was a 1.33 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the sale, the executive vice president now directly owns 109,244 shares of the company's stock, valued at $8,823,637.88. This represents a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 37,755 shares of company stock valued at $4,099,650. Company insiders own 0.33% of the company's stock.

Institutional Trading of Marvell Technology

Institutional investors have recently made changes to their positions in the stock. ORG Partners LLC lifted its holdings in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after acquiring an additional 149 shares in the last quarter. Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the 4th quarter valued at $33,000. True Wealth Design LLC lifted its holdings in shares of 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 acquiring an additional 326 shares in the last quarter. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter valued at $32,000. Finally, Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the 2nd quarter valued at $32,000. 83.51% of the stock is owned by hedge funds and other 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.

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