Marvell Technology (NASDAQ:MRVL) Trading 2.8% Higher on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) shares rose 2.8% on Monday after Stifel Nicolaus raised their price target on the stock from $125.00 to $130.00. Stifel Nicolaus currently has a buy rating on the stock. Marvell Technology traded as high as $123.41 and last traded at $121.47. Approximately 4,101,763 shares were traded during trading, a decline of 50% from the average daily volume of 8,168,576 shares. The stock had previously closed at $118.18.

Other analysts also recently issued reports about the company. 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. Wells Fargo & Company increased their price target on Marvell Technology from $110.00 to $130.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Citigroup upped their price target on shares of Marvell Technology from $91.00 to $112.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Evercore ISI lifted their price objective on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Finally, Bank of America upped their target price on Marvell Technology from $108.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and twenty-four have issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $119.96.

Insider Activity at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction that occurred on Monday, December 16th. The shares were sold at an average price of $122.50, for a total transaction of $735,000.00. Following the completion of the transaction, the executive vice president now directly owns 97,244 shares of the company’s stock, valued at $11,912,390. This represents a 5.81 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew J. Murphy purchased 13,000 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was bought at an average cost of $77.63 per share, for a total transaction of $1,009,190.00. Following the acquisition, the chief executive officer now directly owns 221,915 shares in the company, valued at $17,227,261.45. This trade represents a 6.22 % increase in their position. The disclosure for this purchase can be found here. Over the last 90 days, insiders sold 172,500 shares of company stock worth $14,267,670. 0.33% of the stock is owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently added to or reduced their stakes in the business. Davidson Kempner Capital Management LP raised its position in shares of Marvell Technology by 26.5% in the second quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the period. Braun Stacey Associates Inc. bought a new stake in Marvell Technology during the 3rd quarter valued at $16,435,000. Charles Schwab Investment Management Inc. lifted its position in shares of Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares in the last quarter. Nomura Asset Management Co. Ltd. boosted its holdings in shares of Marvell Technology by 23.0% in the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after acquiring an additional 535,203 shares during the period. Finally, Franchise Capital Ltd purchased a new position in shares of Marvell Technology in the fourth quarter valued at $1,476,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

Marvell Technology Stock Performance

The company has a 50-day moving average price of $100.53 and a two-hundred day moving average price of $81.32. The company has a market capitalization of $105.07 billion, a PE ratio of -71.43, a PEG ratio of 4.03 and a beta of 1.41. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be given a $0.06 dividend. The ex-dividend date is Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

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.