Marvell Technology (NASDAQ:MRVL) Stock Price Down 3.6%

Marvell Technology, Inc. (NASDAQ:MRVL)’s stock price fell 3.6% during trading on Friday . The stock traded as low as $67.32 and last traded at $67.37. 1,251,670 shares traded hands during trading, a decline of 90% from the average session volume of 12,542,188 shares. The stock had previously closed at $69.89.

Wall Street Analyst Weigh In

MRVL has been the topic of a number of analyst reports. Morgan Stanley upped their target price on shares of Marvell Technology from $77.00 to $82.00 and gave the stock an “equal weight” rating in a report on Friday, August 30th. Needham & Company LLC restated a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Piper Sandler reissued an “overweight” rating and issued a $100.00 price target on shares of Marvell Technology in a research report on Friday, August 30th. Bank of America upped their target price on shares of Marvell Technology from $85.00 to $90.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com raised shares of Marvell Technology from a “sell” rating to a “hold” rating in a research report on Monday. Two analysts have rated the stock with a hold rating and twenty-one have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $91.62.

Marvell Technology Trading Down 5.5 %

The company has a market cap of $57.15 billion, a P/E ratio of -58.27, a price-to-earnings-growth ratio of 3.61 and a beta of 1.47. The company has a quick ratio of 1.24, a current ratio of 1.80 and a debt-to-equity ratio of 0.28. The firm’s 50-day moving average price is $68.23 and its 200-day moving average price is $69.58.

Marvell Technology (NASDAQ:MRVL) last released its quarterly earnings data on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.30. The business had revenue of $1.27 billion during the quarter, compared to analyst estimates of $1.25 billion. Marvell Technology had a negative net margin of 18.30% and a positive return on equity of 4.26%. Marvell Technology’s revenue was down 5.1% compared to the same quarter last year. During the same period in the previous year, the business earned $0.18 EPS. As a group, equities research analysts expect that Marvell Technology, Inc. will post 0.75 earnings per share for the current fiscal year.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 31st. Shareholders of record on Friday, July 12th were issued a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. The ex-dividend date of this dividend was Friday, July 12th. Marvell Technology’s payout ratio is presently -21.24%.

Insider Transactions at Marvell Technology

In related news, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The shares were sold at an average price of $73.42, for a total transaction of $367,100.00. Following the sale, the executive vice president now owns 115,318 shares of the company’s stock, valued at approximately $8,466,647.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $73.88, for a total transaction of $110,820.00. Following the completion of the sale, the chief financial officer now owns 109,318 shares in the company, valued at approximately $8,076,413.84. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Chris Koopmans sold 5,000 shares of the company’s stock in a transaction that occurred on Monday, June 17th. The stock was sold at an average price of $73.42, for a total transaction of $367,100.00. Following the completion of the transaction, the executive vice president now owns 115,318 shares in the company, valued at $8,466,647.56. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,500 shares of company stock valued at $4,872,620. 0.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently made changes to their positions in the stock. Norges Bank bought a new position in Marvell Technology in the fourth quarter valued at $511,215,000. Lazard Asset Management LLC increased its position in shares of Marvell Technology by 47,934.4% during the 1st quarter. Lazard Asset Management LLC now owns 4,001,745 shares of the semiconductor company’s stock valued at $283,643,000 after purchasing an additional 3,993,414 shares during the last quarter. Brown Advisory Inc. raised its holdings in shares of Marvell Technology by 25.9% during the 4th quarter. Brown Advisory Inc. now owns 14,764,957 shares of the semiconductor company’s stock valued at $890,475,000 after buying an additional 3,036,495 shares in the last quarter. Aspex Management HK Ltd lifted its position in Marvell Technology by 103.8% in the 4th quarter. Aspex Management HK Ltd now owns 5,712,564 shares of the semiconductor company’s stock worth $344,525,000 after buying an additional 2,908,912 shares during the last quarter. Finally, Whale Rock Capital Management LLC purchased a new stake in Marvell Technology in the first quarter worth approximately $181,559,000. 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.