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

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on MRVL shares. Craig Hallum upped their target price on Marvell Technology from $132.00 to $149.00 and gave the company a “buy” rating in a report on Monday, January 6th. Cantor Fitzgerald increased their price objective on Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a report on Wednesday, December 4th. Needham & Company LLC raised their price objective on Marvell Technology from $95.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Susquehanna raised their target price on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a report on Wednesday, December 4th. Finally, Citigroup boosted their target price on shares of Marvell Technology from $91.00 to $112.00 and gave the stock a “buy” rating in a research report on Wednesday, December 4th. Three investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $121.68.

Marvell Technology Trading Down 0.3 %

The business’s 50-day simple moving average is $104.54 and its 200-day simple moving average is $83.31. The company has a market capitalization of $99.29 billion, a price-to-earnings ratio of -67.50, a P/E/G ratio of 4.03 and a beta of 1.41. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60.

Marvell Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.21%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is currently -14.12%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction that occurred on Monday, January 6th. The shares were sold at an average price of $122.65, for a total value of $613,250.00. Following the transaction, the director now owns 30,959 shares of the company’s stock, valued at approximately $3,797,121.35. The trade was a 13.90 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Chris Koopmans sold 6,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $80.77, for a total transaction of $484,620.00. Following the completion of the transaction, the executive vice president now directly owns 109,244 shares of the company’s stock, valued at approximately $8,823,637.88. The trade was a 5.21 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 28,500 shares of company stock worth $2,967,670. 0.33% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Marvell Technology

Several institutional investors have recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its position in Marvell Technology by 24.1% during the 2nd quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock worth $812,509,000 after buying an additional 2,254,610 shares in the last quarter. Temasek Holdings Private Ltd raised its holdings in shares of Marvell Technology by 581.8% in the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock valued at $161,555,000 after purchasing an additional 1,911,532 shares during the period. Holocene Advisors LP acquired a new stake in Marvell Technology in the 3rd quarter valued at about $120,116,000. Van ECK Associates Corp grew its holdings in Marvell Technology by 26.6% during the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock worth $538,868,000 after purchasing an additional 1,570,050 shares during the period. Finally, D1 Capital Partners L.P. acquired a new position in Marvell Technology during the second quarter worth approximately $108,204,000. Institutional investors 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.