Marvell Technology (NASDAQ:MRVL) Shares Down 10.8% – Time to Sell?

Marvell Technology, Inc. (NASDAQ:MRVL) shares were down 10.8% during mid-day trading on Friday . The stock traded as low as $47.31 and last traded at $49.62. Approximately 11,698,259 shares were traded during trading, a decline of 10% from the average daily volume of 12,997,224 shares. The stock had previously closed at $55.64.

Analysts Set New Price Targets

A number of brokerages have recently commented on MRVL. Bank of America reduced their target price on shares of Marvell Technology from $150.00 to $120.00 and set a “buy” rating for the company in a research report on Thursday, March 6th. Benchmark restated a “buy” rating and set a $135.00 target price on shares of Marvell Technology in a report on Thursday, March 6th. Stifel Nicolaus cut their price target on Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. The Goldman Sachs Group boosted their price objective on Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Finally, KeyCorp cut their target price on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a research note on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Down 11.0 %

The company has a market cap of $42.87 billion, a price-to-earnings ratio of -29.12, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business has a 50-day simple moving average of $88.91 and a 200-day simple moving average of $93.11.

Marvell Technology Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be given a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, April 11th. This represents a $0.24 annualized dividend and a dividend yield of 0.48%. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of Marvell Technology stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.75, for a total transaction of $98,312.50. Following the sale, the chief accounting officer now directly owns 31,100 shares in the company, valued at $2,138,125. This trade represents a 4.40 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction on Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total transaction of $746,400.00. Following the completion of the sale, the executive vice president now directly owns 93,931 shares of the company’s stock, valued at approximately $11,685,016.40. This trade represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,185 shares of company stock valued at $3,744,268 over the last quarter. 0.33% of the stock is owned by insiders.

Institutional Trading of Marvell Technology

A number of hedge funds and other institutional investors have recently made changes to their positions in MRVL. Captrust Financial Advisors lifted its stake in Marvell Technology by 3.5% in the third quarter. Captrust Financial Advisors now owns 37,040 shares of the semiconductor company’s stock valued at $2,671,000 after buying an additional 1,260 shares during the last quarter. Benjamin Edwards Inc. raised its position in Marvell Technology by 1,231.1% in the 3rd quarter. Benjamin Edwards Inc. now owns 4,499 shares of the semiconductor company’s stock valued at $325,000 after purchasing an additional 4,161 shares during the last quarter. Hilltop Holdings Inc. boosted its stake in Marvell Technology by 83.7% during the 3rd quarter. Hilltop Holdings Inc. now owns 5,713 shares of the semiconductor company’s stock worth $412,000 after purchasing an additional 2,603 shares during the period. Investment Management Corp of Ontario grew its position in Marvell Technology by 48.7% during the 3rd quarter. Investment Management Corp of Ontario now owns 28,718 shares of the semiconductor company’s stock worth $2,071,000 after purchasing an additional 9,400 shares during the last quarter. Finally, Integrated Wealth Concepts LLC increased its stake in Marvell Technology by 1.4% in the third quarter. Integrated Wealth Concepts LLC now owns 9,931 shares of the semiconductor company’s stock valued at $716,000 after purchasing an additional 139 shares during the period. Institutional investors and hedge funds own 83.51% of the company’s stock.

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.