Marvell Technology (NASDAQ:MRVL) Shares Up 0.3% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price traded up 0.3% during mid-day trading on Friday . The stock traded as high as $58.35 and last traded at $57.50. 3,218,291 shares were traded during mid-day trading, a decline of 81% from the average session volume of 17,292,242 shares. The stock had previously closed at $57.33.

Analyst Ratings Changes

MRVL has been the subject of a number of recent research reports. Needham & Company LLC cut their price objective on Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Roth Capital set a $100.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. StockNews.com raised shares of Marvell Technology from a "sell" rating to a "hold" rating in a research note on Thursday, January 9th. Finally, William Blair upgraded shares of Marvell Technology to a "strong-buy" rating in a report on Wednesday, February 5th. Three 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 stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $114.56.

Marvell Technology Stock Up 2.8 %

The company has a market capitalization of $51.03 billion, a P/E ratio of -34.66, a P/E/G ratio of 1.61 and a beta of 1.78. The business's fifty day moving average price is $68.53 and its 200 day moving average price is $90.83. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The business 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. This represents a $0.24 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's dividend payout ratio (DPR) is currently -23.53%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the sale, the chief operating officer now directly owns 87,931 shares of the company's stock, valued at $9,351,461.85. This represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 27,390 shares of company stock valued at $1,937,938. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in MRVL. Invesco Ltd. raised its holdings in Marvell Technology by 30.1% during the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after acquiring an additional 3,737,705 shares during the period. Janus Henderson Group PLC boosted its holdings in shares of Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares during the period. Wellington Management Group LLP increased its position in Marvell Technology by 43.1% during the 4th quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after purchasing an additional 3,747,982 shares during the period. Geode Capital Management LLC boosted its position in shares of Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company's stock valued at $1,263,755,000 after purchasing an additional 80,005 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $1,138,354,000. Institutional investors and hedge funds own 83.51% of the company's stock.

About Marvell Technology

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.