Marvell Technology (NASDAQ:MRVL) Trading Up 1.7% - Here's What Happened

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shares were up 1.7% during mid-day trading on Wednesday . The company traded as high as $65.90 and last traded at $64.93. Approximately 8,368,705 shares traded hands during trading, a decline of 41% from the average daily volume of 14,220,654 shares. The stock had previously closed at $63.82.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on MRVL. Melius downgraded Marvell Technology from a "buy" rating to a "hold" rating and set a $66.00 price objective for the company. in a report on Thursday, May 22nd. Summit Insights lowered shares of Marvell Technology from a "buy" rating to a "hold" rating in a report on Thursday, March 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $140.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Susquehanna cut their price objective on shares of Marvell Technology from $110.00 to $90.00 and set a "positive" rating on the stock in a report on Tuesday. Finally, TD Cowen reduced their price objective on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Seven investment analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $100.32.

Marvell Technology Stock Performance

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 has a market capitalization of $55.05 billion, a PE ratio of -37.49, a PEG ratio of 1.61 and a beta of 1.83. The firm has a 50 day moving average price of $58.96 and a 200-day moving average price of $87.09.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 1st. Shareholders of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.38%. The ex-dividend date of this dividend was Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

Insider Activity

In other Marvell Technology news, EVP Mark Casper sold 12,460 shares of the company's stock in a transaction on Wednesday, April 23rd. The shares were sold at an average price of $55.00, for a total value of $685,300.00. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Brad W. Buss acquired 3,000 shares of Marvell Technology stock in a transaction on Friday, March 7th. The shares were bought at an average price of $69.00 per share, with a total value of $207,000.00. Following the purchase, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57% increase in their position. The disclosure for this purchase can be found here. Insiders have sold 33,541 shares of company stock valued at $2,079,948 in the last ninety days. Insiders own 0.33% of the company's stock.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of MRVL. Vanguard Group Inc. lifted its stake in shares of Marvell Technology by 1.9% in the 1st quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock valued at $3,926,326,000 after purchasing an additional 1,212,338 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Marvell Technology by 32.3% in the first quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock worth $1,272,117,000 after acquiring an additional 5,050,159 shares during the period. Brown Advisory Inc. boosted its stake in shares of Marvell Technology by 2.2% during the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock worth $1,188,333,000 after acquiring an additional 423,892 shares in the last quarter. Invesco Ltd. increased its stake in shares of Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock valued at $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its position in Marvell Technology by 6.9% during the fourth quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock worth $1,462,274,000 after purchasing an additional 857,087 shares in the last quarter. 83.51% of the stock is 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.