Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.8% After Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVLGet Free Report)’s share price shot up 0.8% on Wednesday after KeyCorp raised their price target on the stock from $125.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Marvell Technology traded as high as $126.00 and last traded at $124.72. 3,205,414 shares were traded during mid-day trading, a decline of 69% from the average session volume of 10,448,984 shares. The stock had previously closed at $123.78.

A number of other research firms have also weighed in on MRVL. Citigroup boosted their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Barclays increased their target price on Marvell Technology from $115.00 to $150.00 and gave the company an “overweight” rating in a research note on Friday, January 17th. TD Cowen lifted their price target on Marvell Technology from $90.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Rosenblatt Securities upped their price target on Marvell Technology from $120.00 to $140.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Morgan Stanley raised their price objective on shares of Marvell Technology from $102.00 to $120.00 and gave the stock an “equal weight” rating in a research note on Friday, December 20th. Three research analysts have rated the stock with a hold rating and twenty-three have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $125.38.

View Our Latest Report on MRVL

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the transaction, the chief financial officer now directly owns 114,211 shares of the company’s stock, valued at $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $534,840.00. Following the sale, the executive vice president now owns 103,244 shares in the company, valued at approximately $9,203,170.16. This trade represents a 5.49 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 31,755 shares of company stock worth $3,615,030. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. True Wealth Design LLC lifted its position in shares of Marvell Technology by 1,481.8% during the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares in the last quarter. ORG Partners LLC raised its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in Marvell Technology during the 2nd quarter worth $32,000. Quarry LP bought a new position in Marvell Technology in the 2nd quarter valued at $32,000. Finally, Kieckhefer Group LLC acquired a new stake in shares of Marvell Technology in the 4th quarter valued at $33,000. Institutional investors and hedge funds own 83.51% of the company’s stock.

Marvell Technology Trading Up 1.2 %

The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market cap of $108.34 billion, a P/E ratio of -73.65, a P/E/G ratio of 4.10 and a beta of 1.41. The business has a 50-day moving average price of $108.68 and a two-hundred day moving average price of $85.65.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.19%. Marvell Technology’s 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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