Marvell Technology (NASDAQ:MRVL) Shares Down 1.3% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) shares fell 1.3% on Friday . The stock traded as low as $68.44 and last traded at $69.56. 2,834,348 shares changed hands during mid-day trading, a decline of 77% from the average session volume of 12,581,706 shares. The stock had previously closed at $70.49.

Analyst Ratings Changes

Several research firms have recently weighed in on MRVL. UBS Group boosted their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. TD Cowen dropped their target price 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. Bank of America dropped 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. Barclays dropped their target price on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating for the company in a research report on Thursday, March 6th. Finally, The Goldman Sachs Group boosted their target price 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. 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’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 0.1 %

The business’s 50 day moving average price is $99.06 and its two-hundred day moving average price is $93.69. The company has a market capitalization of $60.96 billion, a price-to-earnings ratio of -41.41, 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.

Marvell Technology Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.34%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Activity at Marvell Technology

In related news, CAO Panteha Dixon sold 1,430 shares of the stock in a transaction that occurred 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 completion of the sale, the chief accounting officer now directly 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $68.83, for a total transaction of $103,245.00. Following the sale, the chief financial officer now directly owns 113,592 shares of the company’s stock, valued at approximately $7,818,537.36. This represents a 1.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,685 shares of company stock valued at $4,026,768 over the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds have recently made changes to their positions in the company. Intrepid Financial Planning Group LLC lifted its position in shares of Marvell Technology by 0.3% in the 4th quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after acquiring an additional 90 shares in the last quarter. PDS Planning Inc lifted its position in shares of Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after acquiring an additional 92 shares in the last quarter. Lodestone Wealth Management LLC lifted its position in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock valued at $514,000 after acquiring an additional 93 shares in the last quarter. Valley National Advisers Inc. lifted its position in shares of Marvell Technology by 0.4% in the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock valued at $2,775,000 after acquiring an additional 96 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in shares of Marvell Technology by 2.7% in the 4th quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 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.