Marvell Technology (NASDAQ:MRVL) Shares Down 4.3% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) traded down 4.3% during trading on Friday . The stock traded as low as $62.26 and last traded at $62.07. 4,150,054 shares traded hands during mid-day trading, a decline of 67% from the average session volume of 12,561,218 shares. The stock had previously closed at $64.86.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on MRVL. Evercore ISI increased their target price on shares of Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a report on Monday, December 2nd. Raymond James set a $110.00 price objective on Marvell Technology in a research note on Thursday, March 6th. JPMorgan Chase & Co. boosted their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 4th. Susquehanna lifted their price objective on Marvell Technology from $110.00 to $125.00 and gave the company a “positive” rating in a research note on Wednesday, December 4th. Finally, Oppenheimer boosted their price objective on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Marvell Technology has a consensus rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

The stock’s 50 day moving average price is $94.05 and its two-hundred day moving average price is $93.62. 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 firm has a market capitalization of $53.73 billion, a price-to-earnings ratio of -36.49, a PEG ratio of 1.61 and a beta of 1.42.

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 given a dividend of $0.06 per share. The ex-dividend date is Friday, April 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.39%. Marvell Technology’s payout ratio is -23.53%.

Insider Buying and Selling

In other news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total value of $177,495.00. Following the completion of the transaction, the chief financial officer now owns 111,211 shares in the company, valued at $13,159,597.63. This trade represents a 1.33 % 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 Mark Casper sold 7,755 shares of the business’s stock in a transaction dated 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 have sold a total of 37,685 shares of company stock worth $4,026,768 in the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of the stock. Zweig DiMenna Associates LLC lifted its position in shares of Marvell Technology by 6.3% in the fourth quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after acquiring an additional 12,700 shares in the last quarter. Berbice Capital Management LLC purchased a new position in Marvell Technology in the 4th quarter valued at about $637,000. RFG Advisory LLC boosted its stake in shares of Marvell Technology by 6.2% during the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock worth $4,708,000 after purchasing an additional 2,507 shares during the last quarter. Nomura Asset Management Co. Ltd. grew its holdings in shares of Marvell Technology by 23.0% during the third quarter. Nomura Asset Management Co. Ltd. now owns 2,862,151 shares of the semiconductor company’s stock worth $206,418,000 after buying an additional 535,203 shares in the last quarter. Finally, Franchise Capital Ltd acquired a new position in shares of Marvell Technology in the fourth quarter valued at approximately $1,476,000. 83.51% of the stock is currently 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.