Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) rose 1.9% during trading on Tuesday . The stock traded as high as $54.14 and last traded at $53.25. Approximately 3,047,212 shares traded hands during trading, a decline of 77% from the average daily volume of 13,415,221 shares. The stock had previously closed at $52.26.
Analyst Ratings Changes
A number of equities research analysts have recently issued reports on the stock. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Needham & Company LLC cut their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Melius Research raised Marvell Technology to a "strong-buy" rating in a research note on Monday, January 27th. Roth Capital set a $100.00 target price on Marvell Technology in a research note on Thursday, March 6th. Finally, KeyCorp reduced their price target on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Three research 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 company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $116.41.
Check Out Our Latest Report on MRVL
Marvell Technology Price Performance
The stock has a market capitalization of $44.78 billion, a P/E ratio of -30.41, a P/E/G ratio of 1.61 and a beta of 1.78. The firm has a fifty day moving average price of $73.72 and a two-hundred day moving average price of $91.37. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.
Marvell Technology Announces Dividend
The company 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 $0.06 dividend. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.46%. Marvell Technology's dividend payout ratio (DPR) is presently -23.53%.
Insider Activity
In other news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Monday, March 17th. The stock was sold at an average price of $68.83, for a total value of $412,980.00. Following the transaction, the chief operating officer now directly owns 81,931 shares in the company, valued at $5,639,310.73. This trade represents a 6.82 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CFO Willem A. Meintjes sold 1,500 shares of the company's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the sale, the chief financial officer now owns 113,592 shares of the company's stock, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 20,930 shares of company stock worth $1,999,038 over the last 90 days. 0.33% of the stock is currently owned by insiders.
Institutional Investors Weigh In On Marvell Technology
Hedge funds and other institutional investors have recently made changes to their positions in the business. Cornerstone Wealth Management LLC grew its position in Marvell Technology by 77.2% during the first quarter. Cornerstone Wealth Management LLC now owns 5,931 shares of the semiconductor company's stock valued at $365,000 after buying an additional 2,583 shares during the period. PKO Investment Management Joint Stock Co bought a new position in Marvell Technology in the 1st quarter worth $4,926,000. Insigneo Advisory Services LLC raised its stake in shares of Marvell Technology by 22.1% in the first quarter. Insigneo Advisory Services LLC now owns 3,954 shares of the semiconductor company's stock worth $243,000 after buying an additional 716 shares during the period. WD Rutherford LLC lifted its position in shares of Marvell Technology by 25.0% during the 1st quarter. WD Rutherford LLC now owns 31,447 shares of the semiconductor company's stock valued at $1,936,000 after buying an additional 6,289 shares in the last quarter. Finally, QRG Capital Management Inc. grew its stake in shares of Marvell Technology by 82.4% during the 1st quarter. QRG Capital Management Inc. now owns 70,127 shares of the semiconductor company's stock valued at $4,318,000 after acquiring an additional 31,676 shares during the period. Hedge funds and other institutional investors own 83.51% of the company's stock.
Marvell Technology Company Profile
(
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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