Marvell Technology (NASDAQ:MRVL) Reaches New 12-Month High on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price reached a new 52-week high on Monday after StockNews.com upgraded the stock from a sell rating to a hold rating. The stock traded as high as $97.63 and last traded at $96.73, with a volume of 4026360 shares changing hands. The stock had previously closed at $92.69.

MRVL has been the topic of several other reports. Oppenheimer boosted their price objective on shares of Marvell Technology from $90.00 to $110.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 26th. Susquehanna raised their price objective on Marvell Technology from $95.00 to $110.00 and gave the company a “positive” rating in a research report on Wednesday, November 27th. Barclays boosted their target price on Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 30th. Evercore ISI raised their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $95.00 price objective on shares of Marvell Technology in a report on Friday, August 30th. Three equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $96.43.

Insider Transactions at Marvell Technology

In related news, CFO Willem A. Meintjes sold 1,500 shares of the company’s 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 completion of the transaction, 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 document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Chris Koopmans sold 6,000 shares of the company’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 transaction, the executive vice president now owns 103,244 shares of the company’s stock, valued at $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. Over the last 90 days, insiders sold 267,000 shares of company stock valued at $20,899,260. 0.33% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares during the last quarter. Swedbank AB raised its position in Marvell Technology by 653.5% during the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after purchasing an additional 2,024,269 shares during the last quarter. Temasek Holdings Private Ltd lifted its holdings in Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after buying an additional 1,911,532 shares during the period. Holocene Advisors LP bought a new stake in shares of Marvell Technology in the 3rd quarter valued at about $120,116,000. Finally, Van ECK Associates Corp increased its stake in shares of Marvell Technology by 26.6% in the third 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 period. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Down 1.0 %

The stock has a 50-day moving average price of $83.50 and a 200-day moving average price of $74.73. The company has a debt-to-equity ratio of 0.28, a current ratio of 1.79 and a quick ratio of 1.26. The company has a market capitalization of $85.00 billion, a P/E ratio of -86.41, a P/E/G ratio of 4.19 and a beta of 1.46.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 31st. Stockholders of record on Friday, October 11th were given a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.25%. The ex-dividend date was Friday, October 11th. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

Marvell Technology Company Profile

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.