Marvell Technology (NASDAQ:MRVL) Trading Up 2.8% Following Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) was up 2.8% during mid-day trading on Monday following a dividend announcement from the company. The stock traded as high as $72.45 and last traded at $72.33. 3,437,206 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 12,570,854 shares. The stock had previously closed at $70.39.

The newly announced dividend which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.37%. Marvell Technology's payout ratio is -23.53%.

Analysts Set New Price Targets

Several research firms recently weighed in on MRVL. Benchmark restated a "buy" rating and issued a $135.00 price objective on shares of Marvell Technology in a research report on Thursday, March 6th. William Blair upgraded Marvell Technology to a "strong-buy" rating in a research report on Wednesday, February 5th. B. Riley upped their price target on Marvell Technology from $105.00 to $135.00 and gave the company a "buy" rating in a research note on Wednesday, December 4th. Cantor Fitzgerald lifted their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an "overweight" rating in a research report on Wednesday, December 4th. Finally, The Goldman Sachs Group upped their target price on shares of Marvell Technology from $115.00 to $131.00 and gave the company a "buy" rating in a research report on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $120.44.

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Marvell Technology Trading Down 2.8 %

The stock has a market cap of $56.17 billion, a price-to-earnings ratio of -38.15, a PEG ratio of 1.61 and a beta of 1.42. The business's 50 day simple moving average is $95.30 and its 200 day simple moving average is $93.52. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Insider Activity at Marvell Technology

In other news, Director Michael G. Strachan sold 5,000 shares of the business's stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the completion of the sale, the director now owns 30,959 shares of the company's stock, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mark Casper sold 2,500 shares of the firm's stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total transaction of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares in the company, valued at approximately $2,791,778. This represents a 9.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,685 shares of company stock worth $4,026,768. Insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Intrepid Financial Planning Group LLC grew its position in Marvell Technology by 0.3% during the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company's stock worth $2,860,000 after buying an additional 90 shares in the last quarter. PDS Planning Inc increased its position in shares of Marvell Technology by 3.3% in the fourth quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company's stock worth $319,000 after purchasing an additional 92 shares during the period. Lodestone Wealth Management LLC raised its stake in Marvell Technology by 2.0% in the fourth quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company's stock valued at $514,000 after purchasing an additional 93 shares in the last quarter. Valley National Advisers Inc. lifted its position in Marvell Technology by 0.4% during the fourth quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company's stock worth $2,775,000 after purchasing an additional 96 shares during the period. Finally, Private Trust Co. NA grew its stake in Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company's stock worth $414,000 after buying an additional 97 shares in the last quarter. Institutional investors and hedge funds own 83.51% of the company's stock.

About Marvell Technology

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.