Marvell Technology (NASDAQ:MRVL) Stock Price Up 7% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price was up 7% during mid-day trading on Monday . The company traded as high as $64.85 and last traded at $63.85. Approximately 7,063,859 shares traded hands during mid-day trading, a decline of 49% from the average daily volume of 13,892,257 shares. The stock had previously closed at $59.65.

Wall Street Analyst Weigh In

A number of analysts have issued reports on MRVL shares. Summit Insights downgraded Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Bank of America decreased their target price on Marvell Technology from $120.00 to $72.00 and set a “buy” rating for the company in a research report on Wednesday, April 16th. Morgan Stanley decreased their target price on Marvell Technology from $113.00 to $90.00 and set an “equal weight” rating for the company in a research report on Thursday, March 6th. TD Cowen lowered their target price on shares of Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Finally, Raymond James set a $110.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-three have assigned a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $110.30.

Marvell Technology Stock Performance

The firm has a market cap of $55.72 billion, a PE ratio of -37.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company has a 50 day simple moving average of $61.19 and a 200-day simple moving average of $89.40. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were given a dividend of $0.06 per share. The ex-dividend date was Friday, April 11th. This represents a $0.24 annualized dividend and a yield of 0.37%. Marvell Technology’s payout ratio is -23.53%.

Insider Buying and Selling

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $60.00, for a total value of $90,000.00. Following the sale, the chief financial officer now directly owns 124,348 shares of the company’s stock, valued at $7,460,880. This trade represents a 1.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, COO Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the transaction, the chief operating officer now owns 87,931 shares of the company’s stock, valued at $9,351,461.85. This trade represents a 6.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 28,890 shares of company stock worth $2,027,938 in the last ninety days. 0.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently made changes to their positions in the business. Centricity Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $26,000. ORG Partners LLC grew its holdings in shares of Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares during the last quarter. Rialto Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $27,000. Kieckhefer Group LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. Finally, Financial Life Planners purchased a new stake in shares of Marvell Technology during the fourth quarter valued at approximately $33,000. 83.51% of the stock is currently owned by hedge funds and other institutional investors.

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.