Marvell Technology (NASDAQ:MRVL) Stock Price Down 0% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) traded down 0% during trading on Tuesday . The company traded as low as $114.26 and last traded at $115.12. 2,221,057 shares changed hands during trading, a decline of 77% from the average session volume of 9,693,797 shares. The stock had previously closed at $115.15.

Analysts Set New Price Targets

MRVL has been the subject of several recent analyst reports. Susquehanna raised their target price on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. Barclays upped their target price on Marvell Technology from $85.00 to $115.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Benchmark reissued a “buy” rating and set a $135.00 price target (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Oppenheimer upped their price target on shares of Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a report on Wednesday, December 4th. Finally, Citigroup raised their price objective on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $121.68.

Marvell Technology Stock Down 0.3 %

The company has a market cap of $99.29 billion, a price-to-earnings ratio of -67.50, a price-to-earnings-growth ratio of 4.03 and a beta of 1.41. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30. The stock has a 50-day simple moving average of $104.54 and a 200-day simple moving average of $83.31.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 30th. Shareholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Friday, January 10th. This represents a $0.24 annualized dividend and a yield of 0.21%. Marvell Technology’s payout ratio is -14.12%.

Insiders Place Their Bets

In other news, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares in the company, valued at $10,180,768.54. This represents a 1.30 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now directly owns 30,959 shares in the company, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 28,500 shares of company stock worth $2,967,670. 0.33% of the stock is owned by corporate insiders.

Institutional Trading of Marvell Technology

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Park Avenue Securities LLC lifted its position in shares of Marvell Technology by 22.3% during the 4th quarter. Park Avenue Securities LLC now owns 58,777 shares of the semiconductor company’s stock valued at $6,492,000 after acquiring an additional 10,704 shares during the last quarter. Pines Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $325,000. SeaCrest Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $257,000. Accurate Wealth Management LLC purchased a new stake in shares of Marvell Technology during the fourth quarter valued at $280,000. Finally, Tlwm lifted its holdings in shares of Marvell Technology by 6.0% during the fourth quarter. Tlwm now owns 8,960 shares of the semiconductor company’s stock valued at $990,000 after purchasing an additional 507 shares during the last quarter. 83.51% of the stock is owned by institutional investors and hedge funds.

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.