Marvell Technology (NASDAQ:MRVL) Trading Up 2.6% Following Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shot up 2.6% during trading on Friday after Morgan Stanley raised their price target on the stock from $102.00 to $120.00. Morgan Stanley currently has an equal weight rating on the stock. Marvell Technology traded as high as $112.48 and last traded at $111.94. 4,795,960 shares were traded during mid-day trading, a decline of 62% from the average session volume of 12,625,783 shares. The stock had previously closed at $109.11.

A number of other analysts have also recently weighed in on the company. Oppenheimer boosted their price target on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Loop Capital boosted their price target on Marvell Technology from $95.00 to $110.00 and gave the company a “hold” rating in a research note on Wednesday, December 4th. Citigroup upped their price objective on Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. KeyCorp increased their price target on Marvell Technology from $95.00 to $125.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Benchmark restated a “buy” rating and set a $135.00 price target (up from $115.00) on shares of Marvell Technology 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 company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $119.76.

Insider Activity at Marvell Technology

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the firm’s stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total transaction of $177,075.00. Following the transaction, the executive vice president now directly owns 22,494 shares in the company, valued at approximately $1,593,250.02. This trade represents a 10.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total value of $120,750.00. Following the transaction, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. This trade represents a 1.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 175,000 shares of company stock valued at $14,444,745. 0.33% of the stock is owned by company insiders.

Hedge Funds Weigh In On Marvell Technology

Several large investors have recently bought and sold shares of the stock. True Wealth Design LLC raised its stake in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the period. Quarry LP bought a new stake in shares of Marvell Technology during the 2nd quarter worth $32,000. Strategic Investment Solutions Inc. IL bought a new stake in shares of Marvell Technology during the 2nd quarter worth $32,000. Whittier Trust Co. raised its stake in shares of Marvell Technology by 74.5% during the 3rd quarter. Whittier Trust Co. now owns 492 shares of the semiconductor company’s stock worth $35,000 after purchasing an additional 210 shares during the period. Finally, Goodman Advisory Group LLC bought a new stake in shares of Marvell Technology during the 3rd quarter worth $37,000. 83.51% of the stock is currently owned by institutional investors.

Marvell Technology Stock Up 2.6 %

The company has a market capitalization of $96.83 billion, a P/E ratio of -65.82, a PEG ratio of 4.03 and a beta of 1.46. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The stock has a 50 day moving average price of $93.92 and a 200 day moving average price of $78.26.

Marvell Technology Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be issued a $0.06 dividend. This represents a $0.24 annualized dividend and a yield of 0.21%. The ex-dividend date is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

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.