Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price shot up 3.2% on Friday after Barclays raised their price target on the stock from $115.00 to $150.00. Barclays currently has an overweight rating on the stock. Marvell Technology traded as high as $121.50 and last traded at $121.30. 2,462,138 shares traded hands during trading, a decline of 75% from the average session volume of 9,732,751 shares. The stock had previously closed at $117.58.
Several other brokerages have also recently issued reports on MRVL. TD Cowen boosted their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Stifel Nicolaus boosted their target price on shares of Marvell Technology from $125.00 to $130.00 and gave the stock a "buy" rating in a research report on Monday, January 6th. UBS Group increased their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a report on Wednesday, December 4th. B. Riley boosted their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a "buy" rating in a report on Wednesday, December 4th. Finally, Evercore ISI increased their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a report on Monday, December 2nd. Three investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat.com, Marvell Technology currently has a consensus rating of "Moderate Buy" and an average target price of $123.08.
Read Our Latest Stock Analysis on Marvell Technology
Insiders Place Their Bets
In other Marvell Technology news, EVP Mark Casper sold 7,755 shares of the business's stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $123.08, for a total transaction of $954,485.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares in the company, valued at approximately $8,823,637.88. This represents a 5.21 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 37,755 shares of company stock valued at $4,099,650. Insiders own 0.33% of the company's stock.
Institutional Trading of Marvell Technology
Several large investors have recently added to or reduced their stakes in the stock. Davidson Kempner Capital Management LP boosted its position in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company's stock worth $17,482,000 after buying an additional 52,365 shares during the period. Braun Stacey Associates Inc. purchased a new position in Marvell Technology in the 3rd quarter worth approximately $16,435,000. Charles Schwab Investment Management Inc. boosted its holdings in Marvell Technology by 2.1% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company's stock worth $235,247,000 after acquiring an additional 66,654 shares during the period. Nomura Asset Management Co. Ltd. grew its holdings in Marvell Technology by 23.0% during the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company's stock valued at $206,418,000 after purchasing an additional 535,203 shares in the last quarter. Finally, Franchise Capital Ltd acquired a new stake in shares of Marvell Technology during the fourth quarter valued at about $1,476,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.
Marvell Technology Trading Up 6.1 %
The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The business has a 50 day simple moving average of $106.70 and a two-hundred day simple moving average of $84.55. The stock has a market cap of $107.95 billion, a price-to-earnings ratio of -73.39, a price-to-earnings-growth ratio of 3.76 and a beta of 1.41.
Marvell Technology Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.19%. Marvell Technology's dividend payout ratio is presently -14.12%.
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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