Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) traded up 6.1% during mid-day trading on Monday 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 $125.37 and last traded at $124.76. 14,849,059 shares were traded during mid-day trading, an increase of 14% from the average session volume of 13,008,617 shares. The stock had previously closed at $117.58.
MRVL has been the subject of a number of other reports. Stifel Nicolaus boosted their price target on Marvell Technology from $125.00 to $130.00 and gave the company a "buy" rating in a report on Monday, January 6th. Evercore ISI boosted their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the company an "outperform" rating in a research note on Monday, December 2nd. Needham & Company LLC boosted their price objective on Marvell Technology from $95.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. UBS Group increased their target price on Marvell Technology from $110.00 to $115.00 and gave the company a "buy" rating in a research report on Wednesday, December 4th. Finally, Cantor Fitzgerald boosted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an "overweight" rating in a report on Wednesday, December 4th. Three analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $124.96.
View Our Latest Report on MRVL
Insider Transactions at Marvell Technology
In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Chris Koopmans sold 6,000 shares of the business's stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the transaction, the executive vice president now owns 103,244 shares of the company's stock, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 31,755 shares of company stock worth $3,615,030. 0.33% of the stock is currently owned by insiders.
Hedge Funds Weigh In On Marvell Technology
Hedge funds and other institutional investors have recently made changes to their positions in the stock. State Street Corp raised its position in shares of Marvell Technology by 0.3% during the 3rd quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company's stock worth $1,438,336,000 after acquiring an additional 68,893 shares in the last quarter. Ameriprise Financial Inc. raised its holdings in Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company's stock worth $812,509,000 after purchasing an additional 2,254,610 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Marvell Technology by 2.0% during the 3rd quarter. Geode Capital Management LLC now owns 11,388,139 shares of the semiconductor company's stock worth $818,916,000 after buying an additional 219,692 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Marvell Technology by 4.3% in the 3rd quarter. Wellington Management Group LLP now owns 8,694,320 shares of the semiconductor company's stock valued at $627,034,000 after buying an additional 359,005 shares in the last quarter. Finally, Van ECK Associates Corp grew its position in shares of Marvell Technology by 26.6% in the 3rd quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company's stock valued at $538,868,000 after buying an additional 1,570,050 shares during the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.
Marvell Technology Price Performance
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 stock has a market capitalization of $107.11 billion, a price-to-earnings ratio of -72.81, a price-to-earnings-growth ratio of 4.10 and a beta of 1.41. The company's 50 day moving average is $107.35 and its 200 day moving average is $85.01.
Marvell Technology Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be given a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.19%. Marvell Technology's dividend payout ratio (DPR) is presently -14.12%.
About Marvell Technology
(
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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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