Marvell Technology (NASDAQ:MRVL) Shares Down 1% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 1% during mid-day trading on Tuesday . The stock traded as low as $72.00 and last traded at $72.04. Approximately 2,128,457 shares were traded during trading, a decline of 83% from the average daily volume of 12,600,111 shares. The stock had previously closed at $72.76.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Stifel Nicolaus decreased their target price on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating for the company in a report on Thursday, March 6th. Cantor Fitzgerald raised their price objective on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Barclays cut their target price on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a report on Wednesday, February 5th. Finally, TD Cowen lowered their price target on Marvell Technology from $125.00 to $95.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. Three investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Trading Down 1.9 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The company has a market capitalization of $61.84 billion, a price-to-earnings ratio of -42.08, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The business has a fifty day moving average price of $98.21 and a 200 day moving average price of $93.87.

Marvell Technology Dividend Announcement

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

Insiders Place Their Bets

In other news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction that occurred on Thursday, January 2nd. The stock was sold at an average price of $113.00, for a total value of $282,500.00. Following the transaction, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at $2,791,778. The trade was a 9.19 % 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, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock worth $4,026,768 in the last ninety days. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of hedge funds have recently added to or reduced their stakes in the stock. State Street Corp grew its stake in shares of Marvell Technology by 0.3% during the third quarter. State Street Corp now owns 19,943,655 shares of the semiconductor company’s stock valued at $1,438,336,000 after purchasing an additional 68,893 shares during the last quarter. Invesco Ltd. boosted its position in Marvell Technology by 30.1% in the 4th quarter. Invesco Ltd. now owns 16,157,979 shares of the semiconductor company’s stock valued at $1,784,649,000 after buying an additional 3,737,705 shares during the last quarter. Janus Henderson Group PLC increased its stake in shares of Marvell Technology by 6.9% in the 4th quarter. Janus Henderson Group PLC now owns 13,239,154 shares of the semiconductor company’s stock valued at $1,462,274,000 after buying an additional 857,087 shares during the period. Wellington Management Group LLP raised its position in shares of Marvell Technology by 43.1% during the fourth quarter. Wellington Management Group LLP now owns 12,442,302 shares of the semiconductor company’s stock worth $1,374,252,000 after acquiring an additional 3,747,982 shares during the last quarter. Finally, Geode Capital Management LLC lifted its stake in shares of Marvell Technology by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 11,468,144 shares of the semiconductor company’s stock valued at $1,263,755,000 after acquiring an additional 80,005 shares during the period. 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.