Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price shot up 2.9% during mid-day trading on Tuesday . The stock traded as high as $51.47 and last traded at $50.79. 3,647,461 shares changed hands during mid-day trading, a decline of 73% from the average session volume of 13,471,160 shares. The stock had previously closed at $49.38.
Wall Street Analyst Weigh In
MRVL has been the subject of a number of recent research reports. Citigroup lowered their price target on shares of Marvell Technology from $122.00 to $96.00 and set a "buy" rating for the company in a research report on Friday, April 11th. StockNews.com upgraded shares of Marvell Technology from a "sell" rating to a "hold" rating in a report on Thursday, January 9th. Raymond James set a $110.00 price target on Marvell Technology in a research note on Thursday, March 6th. Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Finally, Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $114.56.
View Our Latest Stock Analysis on MRVL
Marvell Technology Stock 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 cap of $49.66 billion, a P/E ratio of -33.90, a P/E/G ratio of 1.61 and a beta of 1.78. The business's 50-day moving average price is $69.50 and its 200-day moving average price is $90.68.
Marvell Technology Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.42%. The ex-dividend date is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.
Insider Transactions at Marvell Technology
In other Marvell Technology news, COO Chris Koopmans sold 6,000 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was 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 trade represents a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Mark Casper sold 12,460 shares of the company's 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 disclosure for this sale can be found here. Insiders have sold 27,390 shares of company stock valued at $1,937,938 over the last quarter. 0.33% of the stock is currently owned by company insiders.
Institutional Investors Weigh In On Marvell Technology
Several institutional investors and hedge funds have recently modified their holdings of the stock. Zweig DiMenna Associates LLC grew its stake in Marvell Technology by 6.3% during the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company's stock valued at $23,583,000 after acquiring an additional 12,700 shares in the last quarter. Berbice Capital Management LLC purchased a new position in shares of Marvell Technology during the fourth quarter valued at about $637,000. RFG Advisory LLC lifted its position in shares of Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company's stock worth $4,708,000 after buying an additional 2,507 shares in the last quarter. Franchise Capital Ltd bought a new position in Marvell Technology during the fourth quarter valued at approximately $1,476,000. Finally, United Asset Strategies Inc. boosted its stake in Marvell Technology by 7.1% during the fourth quarter. United Asset Strategies Inc. now owns 219,888 shares of the semiconductor company's stock valued at $24,287,000 after buying an additional 14,547 shares during the last quarter. Institutional investors 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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