Marvell Technology (NASDAQ:MRVL) Stock Price Up 7% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) rose 7% on Monday . The company traded as high as $64.85 and last traded at $63.85. Approximately 7,063,859 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 13,892,257 shares. The stock had previously closed at $59.65.

Analysts Set New Price Targets

MRVL has been the subject of a number of research analyst reports. Needham & Company LLC reduced their target price on shares of Marvell Technology from $120.00 to $100.00 and set a "buy" rating for the company in a research note on Thursday, March 6th. Rosenblatt Securities reaffirmed a "buy" rating and issued a $140.00 target price on shares of Marvell Technology in a research note on Thursday, March 6th. Barclays reduced their target price on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Bank of America reduced their target price on shares of Marvell Technology from $120.00 to $72.00 and set a "buy" rating for the company in a research note on Wednesday, April 16th. Finally, Benchmark cut their price target on shares of Marvell Technology from $135.00 to $95.00 and set a "buy" rating on the stock in a research report on Wednesday, May 7th. Four research analysts have rated the stock with a hold rating, twenty-three have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of "Moderate Buy" and an average price target of $110.30.

Marvell Technology Price Performance

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 firm has a market cap of $55.72 billion, a price-to-earnings ratio of -37.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.83. The company's 50-day moving average is $61.19 and its 200-day moving average is $89.40.

Marvell Technology Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, May 1st. Investors of record on Friday, April 11th were paid a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.37%. The ex-dividend date was Friday, April 11th. Marvell Technology's dividend payout ratio is presently -23.53%.

Insider Buying and Selling at Marvell Technology

In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the completion of the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the transaction, the chief accounting officer now owns 31,100 shares of the company's stock, valued at $2,138,125. This represents a 4.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 28,890 shares of company stock valued at $2,027,938. Corporate insiders own 0.19% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its holdings in Marvell Technology by 1.9% during the first quarter. Vanguard Group Inc. now owns 63,770,122 shares of the semiconductor company's stock worth $3,926,326,000 after purchasing an additional 1,212,338 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Marvell Technology by 32.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 20,661,308 shares of the semiconductor company's stock valued at $1,272,117,000 after purchasing an additional 5,050,159 shares during the period. Brown Advisory Inc. grew its stake in Marvell Technology by 2.2% in the 1st quarter. Brown Advisory Inc. now owns 19,300,527 shares of the semiconductor company's stock valued at $1,188,333,000 after purchasing an additional 423,892 shares during the period. Invesco Ltd. grew its stake in 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 during the period. Finally, Janus Henderson Group PLC grew its stake in Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company's stock valued at $1,462,274,000 after purchasing an additional 857,087 shares during the period. 83.51% of the stock is currently owned by institutional investors and hedge funds.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.