Marvell Technology (NASDAQ:MRVL) Shares Up 2.2% - What's Next?

Shares of Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) were up 2.2% on Thursday . The company traded as high as $58.28 and last traded at $57.55. Approximately 5,558,725 shares traded hands during trading, a decline of 60% from the average daily volume of 13,811,536 shares. The stock had previously closed at $56.31.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler lowered their price target on shares of Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a report on Thursday, March 6th. TD Cowen lowered their target price on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating on the stock in a research note on Thursday, March 6th. Melius began coverage on shares of Marvell Technology in a research note on Monday, January 27th. They issued a "buy" rating and a $188.00 price target for the company. Loop Capital upgraded shares of Marvell Technology from a "hold" rating to a "buy" rating and set a $110.00 price objective on the stock in a research report on Thursday, March 6th. Finally, Roth Capital set a $100.00 price objective on shares of Marvell Technology in a report on Thursday, March 6th. Four investment analysts have rated the stock with a hold rating, twenty-three have given a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $110.30.

Marvell Technology Trading Up 3.5 %

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 stock's 50 day moving average is $61.19 and its two-hundred day moving average is $89.34. The company has a market capitalization of $51.53 billion, a PE ratio of -35.09, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were issued a $0.06 dividend. The ex-dividend date of this dividend was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a yield of 0.40%. Marvell Technology's dividend payout ratio is presently -23.53%.

Insiders Place Their Bets

In related news, COO Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total transaction of $638,100.00. Following the completion of the sale, the chief operating officer now owns 87,931 shares of the company's stock, valued at $9,351,461.85. The trade was a 6.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction that occurred on Thursday, May 1st. The shares were sold at an average price of $60.00, for a total transaction of $90,000.00. Following the sale, the chief financial officer now owns 124,348 shares of the company's stock, valued at approximately $7,460,880. The trade was a 1.19 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,890 shares of company stock valued at $2,027,938. 0.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Marvell Technology

Large investors have recently made changes to their positions in the company. ORG Partners LLC grew its holdings in Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company's stock valued at $26,000 after purchasing an additional 149 shares during the period. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the 4th quarter worth about $26,000. Hughes Financial Services LLC purchased a new stake in shares of Marvell Technology during the first quarter worth approximately $26,000. Rialto Wealth Management LLC acquired a new stake in shares of Marvell Technology in the fourth quarter valued at about $27,000. Finally, Rossby Financial LCC purchased a new position in Marvell Technology in the 1st quarter worth approximately $27,000. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.