Marvell Technology (NASDAQ:MRVL) Trading Down 2% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2% on Thursday . The stock traded as low as $64.93 and last traded at $65.46. Approximately 3,832,138 shares traded hands during trading, a decline of 70% from the average daily volume of 12,584,913 shares. The stock had previously closed at $66.76.

Wall Street Analysts Forecast Growth

MRVL has been the topic of a number of recent analyst reports. Summit Insights cut Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Barclays reduced their price target 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. UBS Group upped their price objective 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. Susquehanna raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research report on Wednesday, December 4th. Finally, Needham & Company LLC lowered their price target on shares of Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a report 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 given a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Trading Down 3.6 %

The firm has a 50-day moving average of $96.36 and a 200 day moving average of $93.72. The company has a market cap of $55.75 billion, a P/E ratio of -37.86, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. 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 business 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. This represents a $0.24 annualized dividend and a dividend yield of 0.37%. The ex-dividend date is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is -23.53%.

Insider Activity at Marvell Technology

In other Marvell Technology 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 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. The trade was a 6.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction dated Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the transaction, the chief financial officer now directly owns 111,211 shares in the company, valued at $13,159,597.63. This trade 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 quarter. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of the company. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the 4th quarter valued at $26,000. ORG Partners LLC lifted its stake in shares of Marvell Technology by 175.3% in the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after buying an additional 149 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the fourth quarter valued at about $27,000. Kieckhefer Group LLC bought a new stake in shares of Marvell Technology during the fourth quarter worth about $33,000. Finally, Financial Life Planners acquired a new stake in shares of Marvell Technology in the 4th quarter worth about $33,000. Institutional investors 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.