Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s share price shot up 1.7% during trading on Thursday . The company traded as high as $71.11 and last traded at $70.97. 2,227,620 shares changed hands during mid-day trading, a decline of 82% from the average session volume of 12,603,498 shares. The stock had previously closed at $69.81.
Analyst Ratings Changes
Several brokerages have recently weighed in on MRVL. KeyCorp reduced their target price on Marvell Technology from $135.00 to $115.00 and set an "overweight" rating for the company in a research note on Thursday, March 6th. Bank of America reduced their price objective on shares of Marvell Technology from $150.00 to $120.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Benchmark reiterated a "buy" rating and issued a $135.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. Piper Sandler decreased their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research note on Thursday, March 6th. Finally, The Goldman Sachs Group lifted their price objective on Marvell Technology from $115.00 to $131.00 and gave the stock a "buy" rating in a report on Friday, January 10th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $120.44.
Read Our Latest Analysis on MRVL
Marvell Technology Stock Down 0.1 %
The firm has a market cap of $60.96 billion, a PE ratio of -41.41, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The business has a 50-day moving average price of $99.06 and a two-hundred day moving average price of $93.69. 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 business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be paid a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.34%. Marvell Technology's payout ratio is presently -23.53%.
Insider Buying and Selling
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 stock was sold at an average price of $123.08, for a total value of $954,485.40. The sale was disclosed in a legal filing with the Securities & Exchange Commission, 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 stock was sold at an average price of $68.83, for a total transaction of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at approximately $7,818,537.36. This trade represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 37,685 shares of company stock worth $4,026,768. Company insiders own 0.33% of the company's stock.
Hedge Funds Weigh In On Marvell Technology
Institutional investors and hedge funds have recently modified their holdings of the company. Swedbank AB lifted its stake in shares of Marvell Technology by 1.0% during the 3rd quarter. Swedbank AB now owns 2,357,695 shares of the semiconductor company's stock worth $170,037,000 after purchasing an additional 23,680 shares during the period. PNC Financial Services Group Inc. increased its stake in Marvell Technology by 1.5% in the third quarter. PNC Financial Services Group Inc. now owns 71,783 shares of the semiconductor company's stock valued at $5,177,000 after purchasing an additional 1,062 shares during the last quarter. Avior Wealth Management LLC lifted its position in Marvell Technology by 26.2% during the third quarter. Avior Wealth Management LLC now owns 1,363 shares of the semiconductor company's stock worth $98,000 after buying an additional 283 shares during the period. Citizens Financial Group Inc. RI boosted its stake in Marvell Technology by 1.5% in the 3rd quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company's stock worth $566,000 after buying an additional 116 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. grew 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 valued at $235,247,000 after buying an additional 66,654 shares during the period. Hedge funds and other 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.
See Also
Before you consider Marvell Technology, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Marvell Technology wasn't on the list.
While Marvell Technology currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Which stocks are likely to thrive in today's challenging market? Enter your email address and we'll send you MarketBeat's list of ten stocks that will drive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
