Marvell Technology (NASDAQ:MRVL) Shares Down 0.7% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) fell 0.7% on Tuesday . The stock traded as low as $109.85 and last traded at $111.98. 2,741,958 shares were traded during mid-day trading, a decline of 79% from the average session volume of 12,968,942 shares. The stock had previously closed at $112.80.

Analyst Ratings Changes

Several analysts have recently issued reports on MRVL shares. The Goldman Sachs Group increased their price target on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research report on Friday, January 10th. Evercore ISI raised their price target on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research report on Monday, December 2nd. Melius started coverage on Marvell Technology in a research report on Monday, January 27th. They set a “buy” rating and a $188.00 price objective on the stock. UBS Group lifted their target price on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a report on Wednesday, December 4th. Finally, Wells Fargo & Company upped their price target on Marvell Technology from $130.00 to $140.00 and gave the stock an “overweight” rating in a report on Monday, January 13th. Three analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Performance

The stock has a market cap of $94.73 billion, a PE ratio of -64.43, a P/E/G ratio of 1.77 and a beta of 1.40. The firm’s 50-day moving average is $114.26 and its 200 day moving average is $89.63. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were given a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.22%. Marvell Technology’s payout ratio is -14.12%.

Insider Activity

In related news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This trade represents a 6.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, December 16th. The stock was sold at an average price of $122.50, for a total transaction of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares of the company’s stock, valued at approximately $13,807,097.50. The trade was a 1.31 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock valued at $4,361,430. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the business. Fox Run Management L.L.C. purchased a new position in shares of Marvell Technology during the 4th quarter worth approximately $537,000. KLP Kapitalforvaltning AS purchased a new position in Marvell Technology in the fourth quarter worth $45,211,000. Knights of Columbus Asset Advisors LLC acquired a new stake in Marvell Technology in the fourth quarter valued at $60,000. Intellus Advisors LLC purchased a new stake in shares of Marvell Technology during the 4th quarter worth $928,000. Finally, Sei Investments Co. boosted its position in shares of Marvell Technology by 64.2% during the 4th quarter. Sei Investments Co. now owns 1,077,226 shares of the semiconductor company’s stock worth $118,977,000 after purchasing an additional 421,349 shares in the last quarter. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.