Marvell Technology (NASDAQ:MRVL) Trading Down 4.4% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price fell 4.4% during trading on Wednesday . The company traded as low as $67.24 and last traded at $68.53. 5,568,218 shares were traded during trading, a decline of 56% from the average session volume of 12,561,598 shares. The stock had previously closed at $71.67.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on MRVL shares. Oppenheimer lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research note on Wednesday, December 4th. Craig Hallum boosted their price target on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. KeyCorp decreased their price target on shares of Marvell Technology from $135.00 to $115.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Evercore ISI lifted their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research note on Monday, December 2nd. Finally, Susquehanna boosted their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a report on Wednesday, December 4th. Three research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $120.44.

Marvell Technology Stock Down 4.3 %

The company has a market cap of $53.73 billion, a P/E ratio of -36.49, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The business’s fifty day moving average is $95.30 and its two-hundred day moving average is $93.52.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Stockholders 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 dividend yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio is presently -23.53%.

Insider Activity at Marvell Technology

In other Marvell Technology news, Director Brad W. Buss bought 3,000 shares of the company’s stock in a transaction on Friday, March 7th. The shares were bought at an average cost of $69.00 per share, for a total transaction of $207,000.00. Following the acquisition, the director now directly owns 87,113 shares in the company, valued at approximately $6,010,797. The trade was a 3.57 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Wednesday, January 15th. The shares were 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. Over the last quarter, insiders sold 37,685 shares of company stock worth $4,026,768. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Intrepid Financial Planning Group LLC grew its stake in Marvell Technology by 0.3% in the fourth quarter. Intrepid Financial Planning Group LLC now owns 25,890 shares of the semiconductor company’s stock valued at $2,860,000 after purchasing an additional 90 shares during the last quarter. PDS Planning Inc boosted its holdings in shares of Marvell Technology by 3.3% in the 4th quarter. PDS Planning Inc now owns 2,888 shares of the semiconductor company’s stock valued at $319,000 after buying an additional 92 shares in the last quarter. Lodestone Wealth Management LLC grew its position in shares of Marvell Technology by 2.0% in the 4th quarter. Lodestone Wealth Management LLC now owns 4,655 shares of the semiconductor company’s stock worth $514,000 after buying an additional 93 shares during the last quarter. Valley National Advisers Inc. raised its stake in shares of Marvell Technology by 0.4% during the 4th quarter. Valley National Advisers Inc. now owns 25,135 shares of the semiconductor company’s stock worth $2,775,000 after acquiring an additional 96 shares in the last quarter. Finally, Private Trust Co. NA lifted its position in Marvell Technology by 2.7% during the fourth quarter. Private Trust Co. NA now owns 3,744 shares of the semiconductor company’s stock valued at $414,000 after acquiring an additional 97 shares during the last quarter. 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.