Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.4% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares shot up 0.4% during trading on Thursday . The stock traded as high as $106.77 and last traded at $105.88. 3,088,887 shares changed hands during mid-day trading, a decline of 76% from the average session volume of 12,817,765 shares. The stock had previously closed at $105.42.

Analyst Ratings Changes

Several brokerages recently commented on MRVL. Oppenheimer lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an "outperform" rating in a report on Wednesday, December 4th. KeyCorp lifted their price objective on Marvell Technology from $125.00 to $135.00 and gave the stock an "overweight" rating in a report on Wednesday, January 22nd. Craig Hallum lifted their price objective on Marvell Technology from $132.00 to $149.00 and gave the stock a "buy" rating in a report on Monday, January 6th. JPMorgan Chase & Co. lifted their price objective on Marvell Technology from $90.00 to $130.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Finally, StockNews.com raised Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. According to data from MarketBeat.com, Marvell Technology currently has an average rating of "Moderate Buy" and a consensus price target of $127.60.

Marvell Technology Stock Up 2.9 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market capitalization of $92.16 billion, a PE ratio of -62.65, a P/E/G ratio of 1.77 and a beta of 1.40. The business has a 50-day moving average of $113.94 and a 200 day moving average of $90.79.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 30th. Investors of record on Friday, January 10th were given a $0.06 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.23%. Marvell Technology's dividend payout ratio is currently -14.12%.

Insider Buying and Selling

In related news, EVP Chris Koopmans sold 6,000 shares of the business's stock in a transaction dated Wednesday, January 22nd. The stock was sold at an average price of $124.40, for a total value of $746,400.00. Following the sale, the executive vice president now directly owns 93,931 shares in the company, valued at approximately $11,685,016.40. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's 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 sale, the chief financial officer now owns 111,211 shares in the company, valued at approximately $13,159,597.63. This trade represents a 1.33 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 30,255 shares of company stock worth $3,692,880. Corporate insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Centricity Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter valued at approximately $26,000. ORG Partners LLC grew its stake in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after buying an additional 149 shares during the last quarter. Rialto Wealth Management LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners bought a new position in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.