Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report)'s stock price shot up 0.5% during trading on Wednesday . The stock traded as high as $66.92 and last traded at $65.79. 4,289,412 shares traded hands during mid-day trading, a decline of 69% from the average session volume of 13,962,271 shares. The stock had previously closed at $65.48.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on MRVL. Stifel Nicolaus dropped their target price on shares of Marvell Technology from $115.00 to $80.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Bank of America lowered their price target on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research report on Wednesday, April 16th. Summit Insights cut shares of Marvell Technology from a "buy" rating to a "hold" rating in a research report on Thursday, March 6th. Benchmark lowered their price target on shares of Marvell Technology from $135.00 to $95.00 and set a "buy" rating for the company in a research report on Wednesday, May 7th. Finally, Needham & Company LLC lowered their price target on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Four analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, Marvell Technology presently has an average rating of "Moderate Buy" and an average target price of $111.27.
Check Out Our Latest Stock Analysis on MRVL
Marvell Technology Trading Down 2.2%
The firm has a market capitalization of $55.08 billion, a P/E ratio of -37.51, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The stock's 50-day simple moving average is $60.36 and its two-hundred day simple moving average is $88.72. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.
Marvell Technology Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were given a $0.06 dividend. The ex-dividend date was Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.38%. Marvell Technology's payout ratio is currently -23.53%.
Insider Transactions at Marvell Technology
In related news, Director Brad W. Buss bought 3,000 shares of the stock in a transaction dated Friday, March 7th. The shares were purchased at an average price of $69.00 per share, with a total value of $207,000.00. Following the completion of the acquisition, the director now owns 87,113 shares of the company's stock, valued at $6,010,797. This represents a 3.57% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the company's stock in a transaction on Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total transaction of $638,100.00. Following the sale, the chief operating officer now directly owns 87,931 shares in the company, valued at approximately $9,351,461.85. The trade was a 6.39% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 38,915 shares of company stock valued at $2,679,800. 0.19% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Marvell Technology
A number of hedge funds have recently bought and sold shares of MRVL. Brookstone Capital Management raised its stake in Marvell Technology by 16.0% during the fourth quarter. Brookstone Capital Management now owns 3,473 shares of the semiconductor company's stock valued at $384,000 after purchasing an additional 478 shares in the last quarter. SeaCrest Wealth Management LLC purchased a new stake in Marvell Technology during the fourth quarter valued at $257,000. Hennion & Walsh Asset Management Inc. raised its stake in Marvell Technology by 6.5% during the fourth quarter. Hennion & Walsh Asset Management Inc. now owns 13,179 shares of the semiconductor company's stock valued at $1,456,000 after purchasing an additional 802 shares in the last quarter. Cypress Wealth Services LLC purchased a new stake in Marvell Technology during the fourth quarter valued at $250,000. Finally, Procyon Advisors LLC raised its stake in Marvell Technology by 27.4% during the fourth quarter. Procyon Advisors LLC now owns 7,767 shares of the semiconductor company's stock valued at $858,000 after purchasing an additional 1,671 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company's stock.
About Marvell Technology
(
Get Free Report)
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.
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