Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price rose 3.3% during trading on Monday . The company traded as high as $55.02 and last traded at $51.08. Approximately 10,820,112 shares changed hands during mid-day trading, a decline of 17% from the average daily volume of 13,100,032 shares. The stock had previously closed at $49.43.
Wall Street Analysts Forecast Growth
A number of research analysts have weighed in on MRVL shares. Melius Research upgraded shares of Marvell Technology to a "strong-buy" rating in a research report on Monday, January 27th. Summit Insights downgraded shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Wells Fargo & Company reissued an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Rosenblatt Securities reaffirmed a "buy" rating and set a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Bank of America decreased their price target on Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Three research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus target price of $120.44.
View Our Latest Stock Report on MRVL
Marvell Technology Trading Up 0.2 %
The business's 50-day simple moving average is $80.99 and its two-hundred day simple moving average is $92.17. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The firm has a market capitalization of $45.84 billion, a price-to-earnings ratio of -31.02, a PEG ratio of 1.61 and a beta of 1.78.
Marvell Technology Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.45%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is -23.53%.
Insider Transactions at Marvell Technology
In other news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.75, for a total value of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at approximately $2,138,125. This trade represents a 4.40 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Mark Casper sold 7,755 shares of the business's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $123.08, for a total value of $954,485.40. The disclosure for this sale can be found here. Insiders sold a total of 30,185 shares of company stock worth $3,131,018 over the last ninety days. Company insiders own 0.33% of the company's stock.
Institutional Trading of Marvell Technology
Several hedge funds have recently added to or reduced their stakes in MRVL. Procyon Advisors LLC raised its holdings in shares of Marvell Technology by 7.2% in the 1st quarter. Procyon Advisors LLC now owns 8,323 shares of the semiconductor company's stock valued at $512,000 after purchasing an additional 556 shares in the last quarter. Enclave Advisors LLC increased its holdings in Marvell Technology by 18.4% in the first quarter. Enclave Advisors LLC now owns 3,262 shares of the semiconductor company's stock valued at $201,000 after buying an additional 506 shares during the last quarter. Breakwater Capital Group raised its stake in Marvell Technology by 30.0% in the first quarter. Breakwater Capital Group now owns 10,497 shares of the semiconductor company's stock valued at $646,000 after buying an additional 2,423 shares in the last quarter. Arthur M. Cohen & Associates LLC lifted its holdings in Marvell Technology by 7.7% during the 1st quarter. Arthur M. Cohen & Associates LLC now owns 37,908 shares of the semiconductor company's stock worth $2,334,000 after buying an additional 2,715 shares during the last quarter. Finally, Lmcg Investments LLC boosted its position in shares of Marvell Technology by 8.1% during the 1st quarter. Lmcg Investments LLC now owns 137,110 shares of the semiconductor company's stock worth $8,442,000 after acquiring an additional 10,219 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.
About Marvell Technology
(
Get Free Report)
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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