Marvell Technology (NASDAQ:MRVL) Upgraded by StockNews.com to “Hold” Rating

StockNews.com upgraded shares of Marvell Technology (NASDAQ:MRVL) from a sell rating to a hold rating in a research note published on Thursday.

Several other analysts also recently weighed in on MRVL. Evercore ISI boosted their price target on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. UBS Group upped their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Wells Fargo & Company raised their price target on shares of Marvell Technology from $110.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Piper Sandler reaffirmed an “overweight” rating and issued a $120.00 price objective (up from $100.00) on shares of Marvell Technology in a report on Wednesday, December 4th. Finally, The Goldman Sachs Group raised their target price on shares of Marvell Technology from $87.00 to $115.00 and gave the stock a “buy” rating in a report on Thursday, December 5th. Three equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $121.28.

Marvell Technology Stock Down 3.3 %

NASDAQ:MRVL opened at $114.32 on Thursday. The company’s 50 day moving average is $103.93 and its two-hundred day moving average is $82.88. The company has a market cap of $98.92 billion, a PE ratio of -67.25, a P/E/G ratio of 4.03 and a beta of 1.41. Marvell Technology has a twelve month low of $53.19 and a twelve month high of $126.15. 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, January 30th. Stockholders of record on Friday, January 10th will be given a $0.06 dividend. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a dividend yield of 0.21%. Marvell Technology’s dividend payout ratio (DPR) is presently -14.12%.

Insider Buying and Selling

In other news, CEO Matthew J. Murphy acquired 13,000 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was purchased at an average price of $77.63 per share, with a total value of $1,009,190.00. Following the completion of the acquisition, the chief executive officer now owns 221,915 shares of the company’s stock, valued at $17,227,261.45. This trade represents a 6.22 % increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now owns 109,244 shares in the company, valued at $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,000 shares of company stock worth $15,163,420. 0.33% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in MRVL. Citizens Financial Group Inc. RI raised its position in Marvell Technology by 1.5% in the third quarter. Citizens Financial Group Inc. RI now owns 7,842 shares of the semiconductor company’s stock valued at $566,000 after purchasing an additional 116 shares during the period. Crumly & Associates Inc. raised its holdings in Marvell Technology by 1.5% in the 3rd quarter. Crumly & Associates Inc. now owns 8,223 shares of the semiconductor company’s stock valued at $593,000 after buying an additional 121 shares during the period. United Capital Management of KS Inc. lifted its position in Marvell Technology by 0.4% in the third quarter. United Capital Management of KS Inc. now owns 34,251 shares of the semiconductor company’s stock valued at $2,470,000 after buying an additional 131 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in shares of Marvell Technology by 1.4% during the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after acquiring an additional 139 shares during the last quarter. Finally, ASB Consultores LLC raised its stake in shares of Marvell Technology by 3.8% in the 3rd quarter. ASB Consultores LLC now owns 3,824 shares of the semiconductor company’s stock valued at $276,000 after acquiring an additional 140 shares during the period. 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.