Marvell Technology (NASDAQ:MRVL) Shares Gap Up on Analyst Upgrade

Marvell Technology, Inc. (NASDAQ:MRVL) gapped up prior to trading on Wednesday after Wells Fargo & Company raised their price target on the stock from $110.00 to $130.00. The stock had previously closed at $95.91, but opened at $112.33. Wells Fargo & Company currently has an overweight rating on the stock. Marvell Technology shares last traded at $116.51, with a volume of 17,341,054 shares.

Other equities analysts also recently issued reports about the stock. Barclays boosted their target price on shares of Marvell Technology from $85.00 to $115.00 and gave the stock an “overweight” rating in a research note on Wednesday. The Goldman Sachs Group boosted their target price on shares of Marvell Technology from $77.00 to $87.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Morgan Stanley boosted their target price on shares of Marvell Technology from $82.00 to $102.00 and gave the stock an “equal weight” rating in a research note on Wednesday. UBS Group lifted their price target on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, StockNews.com upgraded shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday. Three analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $117.92.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now directly owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. This represents a 5.49 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, September 16th. The stock was sold at an average price of $73.87, for a total transaction of $110,805.00. Following the sale, the chief financial officer now directly owns 111,753 shares in the company, valued at $8,255,194.11. This trade represents a 1.32 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 267,000 shares of company stock valued at $20,899,260 over the last 90 days. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

Several institutional investors and hedge funds have recently modified their holdings of the stock. Citizens Financial Group Inc. RI increased its holdings in shares of Marvell Technology by 1.5% in the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the last quarter. Crumly & Associates Inc. increased its holdings in shares of Marvell Technology by 1.5% in the third quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after purchasing an additional 121 shares during the last quarter. United Capital Management of KS Inc. increased its holdings in shares of Marvell Technology by 0.4% in the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after purchasing an additional 131 shares during the last quarter. Tlwm increased its holdings in shares of Marvell Technology by 1.6% in the second quarter. Tlwm now owns 8,598 shares of the semiconductor company’s stock valued at $601,000 after purchasing an additional 136 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its holdings in shares of Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during the last quarter. 83.51% of the stock is currently owned by institutional investors and hedge funds.

Marvell Technology Stock Performance

The stock has a market capitalization of $104.70 billion, a price-to-earnings ratio of -106.44, a P/E/G ratio of 4.19 and a beta of 1.46. The company’s fifty day simple moving average is $84.44 and its 200 day simple moving average is $75.04. The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a $0.06 dividend. The ex-dividend date was Friday, October 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.20%. Marvell Technology’s dividend payout ratio (DPR) is presently -21.62%.

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.