Marvell Technology (NASDAQ:MRVL) Stock Price Down 1% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) was down 1% during mid-day trading on Tuesday . The company traded as low as $72.00 and last traded at $72.04. Approximately 2,128,457 shares were traded during mid-day 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 Analyst Weigh In

MRVL has been the subject of several recent research reports. The Goldman Sachs Group upped their target price on Marvell Technology from $115.00 to $131.00 and gave the company a “buy” rating in a report on Friday, January 10th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $140.00 target price on shares of Marvell Technology in a research report on Thursday, March 6th. William Blair upgraded Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. JPMorgan Chase & Co. upped their price target on shares of Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Finally, Wells Fargo & Company reiterated an “overweight” rating on shares of Marvell Technology in a research report on Thursday, March 6th. Three 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 stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Price Performance

The company has a fifty day simple moving average of $96.36 and a 200-day simple moving average of $93.72. The company has a market cap of $56.21 billion, a P/E ratio of -38.18, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders of record on Friday, April 11th will be issued 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 is -23.53%.

Insider Activity at Marvell Technology

In other Marvell Technology news, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $68.75, for a total value of $98,312.50. Following the completion of the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 7,755 shares of Marvell Technology stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $123.08, for a total transaction of $954,485.40. The disclosure for this sale can be found here. Insiders sold 37,685 shares of company stock worth $4,026,768 in the last quarter. 0.33% of the stock is owned by company insiders.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently modified their holdings of MRVL. Great Valley Advisor Group Inc. grew its stake in Marvell Technology by 2.5% during the 3rd quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock valued at $467,000 after acquiring an additional 156 shares in the last quarter. Cerity Partners LLC grew its position in Marvell Technology by 84.3% during the third quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock valued at $4,401,000 after purchasing an additional 27,902 shares in the last quarter. Summit Trail Advisors LLC increased its stake in Marvell Technology by 6.4% in the 3rd quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company’s stock valued at $446,000 after buying an additional 373 shares during the period. Dynamic Technology Lab Private Ltd purchased a new stake in Marvell Technology in the 3rd quarter worth approximately $516,000. Finally, D.A. Davidson & CO. boosted its stake in shares of Marvell Technology by 8.5% during the 3rd quarter. D.A. Davidson & CO. now owns 60,056 shares of the semiconductor company’s stock valued at $4,331,000 after buying an additional 4,718 shares during the period. Institutional investors and hedge funds 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.