Marvell Technology (NASDAQ:MRVL) Shares Gap Up Following Dividend Announcement

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up prior to trading on Friday after the company announced a dividend. The stock had previously closed at $109.01, but opened at $117.99. Marvell Technology shares last traded at $120.10, with a volume of 7,074,694 shares trading hands.

The newly announced dividend which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio is currently -14.12%.

Analyst Upgrades and Downgrades

MRVL has been the topic of a number of research reports. The Goldman Sachs Group increased their price objective on Marvell Technology from $87.00 to $115.00 and gave the company a “buy” rating in a report on Thursday, December 5th. Bank of America raised their price target on shares of Marvell Technology from $108.00 to $125.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Benchmark reaffirmed a “buy” rating and issued a $135.00 price objective (up from $115.00) on shares of Marvell Technology in a report on Wednesday, December 4th. B. Riley raised their target price on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Barclays boosted their target price on shares of Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $119.04.

Marvell Technology Stock Up 10.8 %

The firm has a market capitalization of $104.50 billion, a PE ratio of -71.04, a price-to-earnings-growth ratio of 3.72 and a beta of 1.46. 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 business has a 50-day moving average price of $89.98 and a 200-day moving average price of $76.81.

Insider Activity at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction that occurred on Monday, September 16th. The shares were sold at an average price of $73.87, for a total value of $110,805.00. Following the transaction, the chief financial officer now directly owns 111,753 shares in the company, valued at approximately $8,255,194.11. This represents a 1.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Muhammad Raghib Hussain sold 150,000 shares of the company’s stock in a transaction on Tuesday, October 15th. The stock was sold at an average price of $80.50, for a total value of $12,075,000.00. Following the transaction, the insider now owns 694,487 shares in the company, valued at $55,906,203.50. This trade represents a 17.76 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 175,000 shares of company stock valued at $14,076,540. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Large investors have recently modified their holdings of the stock. True Wealth Design LLC raised its stake in Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock valued at $25,000 after buying an additional 326 shares in the last quarter. Quarry LP acquired a new stake in shares of Marvell Technology during the 2nd quarter worth about $32,000. Strategic Investment Solutions Inc. IL purchased a new stake in Marvell Technology during the second quarter worth approximately $32,000. Whittier Trust Co. boosted its holdings in Marvell Technology by 74.5% in the third quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock valued at $35,000 after purchasing an additional 210 shares in the last quarter. Finally, Goodman Advisory Group LLC purchased a new position in Marvell Technology in the third quarter valued at approximately $37,000. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.