Marvell Technology (NASDAQ:MRVL) Stock Price Up 0.6% on Analyst Upgrade

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) shot up 0.6% during trading on Thursday after KeyCorp raised their price target on the stock from $125.00 to $135.00. KeyCorp currently has an overweight rating on the stock. Marvell Technology traded as high as $125.80 and last traded at $125.93. 2,911,024 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 10,380,012 shares. The stock had previously closed at $125.21.

Several other analysts have also recently weighed in on the stock. B. Riley upped their price objective on shares of Marvell Technology from $105.00 to $135.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. JPMorgan Chase & Co. increased their price target on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a report on Thursday, January 9th. Benchmark reissued a “buy” rating and issued a $135.00 price objective (up previously from $115.00) on shares of Marvell Technology in a research note on Wednesday, December 4th. Finally, Craig Hallum raised their target price on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Three equities research analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company. According to MarketBeat.com, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $125.38.

Insiders Place Their Bets

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $89.14, for a total transaction of $534,840.00. Following the completion of the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at approximately $9,203,170.16. The trade was a 5.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the sale, the executive vice president now owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. This represents a 9.19 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $4,361,430 over the last 90 days. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of the business. Heck Capital Advisors LLC bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $147,000. Caprock Group LLC boosted its holdings in Marvell Technology by 8.1% in the fourth quarter. Caprock Group LLC now owns 8,784 shares of the semiconductor company’s stock valued at $970,000 after acquiring an additional 656 shares during the last quarter. New Wave Wealth Advisors LLC acquired a new stake in Marvell Technology during the 4th quarter valued at approximately $183,000. Alta Wealth Advisors LLC increased its position in Marvell Technology by 64.3% during the 4th quarter. Alta Wealth Advisors LLC now owns 5,478 shares of the semiconductor company’s stock valued at $605,000 after purchasing an additional 2,143 shares during the period. Finally, Institute for Wealth Management LLC. raised its holdings in Marvell Technology by 11.0% during the 4th quarter. Institute for Wealth Management LLC. now owns 16,293 shares of the semiconductor company’s stock worth $1,800,000 after purchasing an additional 1,609 shares during the last quarter. Institutional investors own 83.51% of the company’s stock.

Marvell Technology Stock Up 0.7 %

The stock’s 50-day moving average price is $108.68 and its 200-day moving average price is $85.65. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a market cap of $109.08 billion, a price-to-earnings ratio of -74.15, a P/E/G ratio of 4.07 and a beta of 1.41.

Marvell Technology Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Investors of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.19%. Marvell Technology’s dividend payout ratio 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.