Marvell Technology (NASDAQ:MRVL) Shares Up 8.3% - Here's Why

Marvell Technology, Inc. (NASDAQ:MRVL - Get Free Report) shot up 8.3% during mid-day trading on Wednesday . The company traded as high as $55.95 and last traded at $54.80. 7,518,018 shares were traded during mid-day trading, a decline of 44% from the average session volume of 13,509,947 shares. The stock had previously closed at $50.62.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on MRVL shares. Barclays dropped their price objective on shares of Marvell Technology from $130.00 to $80.00 and set an "overweight" rating on the stock in a report on Tuesday, April 22nd. Wells Fargo & Company reiterated an "overweight" rating on shares of Marvell Technology in a research note on Thursday, March 6th. Summit Insights cut Marvell Technology from a "buy" rating to a "hold" rating in a research note on Thursday, March 6th. Piper Sandler dropped their target price on Marvell Technology from $120.00 to $95.00 and set an "overweight" rating on the stock in a research report on Thursday, March 6th. Finally, TD Cowen reduced their price target on shares of Marvell Technology from $125.00 to $95.00 and set a "buy" rating for the company in a research report on Thursday, March 6th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $114.56.

Marvell Technology Stock Performance

The firm's fifty day moving average is $68.53 and its 200-day moving average is $90.71. The stock has a market capitalization of $51.03 billion, a PE ratio of -34.66, a price-to-earnings-growth ratio of 1.61 and a beta of 1.78. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders of record on Friday, April 11th will be given a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.41%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology's payout ratio is -23.53%.

Insider Transactions at Marvell Technology

In related news, EVP Mark Casper sold 12,460 shares of the firm's stock in a transaction dated Wednesday, April 23rd. The stock was sold at an average price of $55.00, for a total transaction of $685,300.00. The sale 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 Marvell Technology stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $106.35, for a total value of $638,100.00. Following the completion of the transaction, the chief operating officer now directly owns 87,931 shares of the company's stock, valued at approximately $9,351,461.85. This represents a 6.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 27,390 shares of company stock worth $1,937,938 over the last ninety days. Company insiders own 0.33% of the company's stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Norges Bank purchased a new stake in Marvell Technology during the fourth quarter worth approximately $1,138,354,000. GQG Partners LLC acquired a new stake in Marvell Technology during the fourth quarter worth approximately $802,410,000. Nuveen Asset Management LLC lifted its position in shares of Marvell Technology by 232.2% during the 4th quarter. Nuveen Asset Management LLC now owns 9,360,425 shares of the semiconductor company's stock worth $1,033,859,000 after buying an additional 6,543,132 shares during the last quarter. Wellington Management Group LLP boosted its stake in Marvell Technology by 43.1% in the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company's stock valued at $1,374,252,000 after acquiring an additional 3,747,982 shares in the last quarter. Finally, Invesco Ltd. increased its position in shares of Marvell Technology by 30.1% during the fourth quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company's stock worth $1,784,649,000 after purchasing an additional 3,737,705 shares in the last quarter. 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.