Marvell Technology (NASDAQ:MRVL) Stock Price Down 2.7% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) fell 2.7% during trading on Tuesday . The company traded as low as $105.69 and last traded at $110.53. 6,610,142 shares changed hands during trading, a decline of 49% from the average session volume of 12,916,064 shares. The stock had previously closed at $113.56.

Analyst Upgrades and Downgrades

Several analysts have recently commented on MRVL shares. TD Cowen raised their price objective on shares of Marvell Technology from $90.00 to $125.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Loop Capital lifted their price objective on Marvell Technology from $95.00 to $110.00 and gave the stock a “hold” rating in a research note on Wednesday, December 4th. Oppenheimer increased their target price on Marvell Technology from $110.00 to $125.00 and gave the company an “outperform” rating in a research report on Wednesday, December 4th. Citigroup boosted their price target 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. Finally, The Goldman Sachs Group lifted their price objective on shares of Marvell Technology from $115.00 to $131.00 and gave the stock a “buy” rating in a research note on Friday, January 10th. Three investment analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $127.60.

Marvell Technology Stock Down 3.6 %

The business’s 50 day moving average is $112.15 and its 200 day moving average is $87.97. The company has a quick ratio of 1.11, a current ratio of 1.60 and a debt-to-equity ratio of 0.30. The company has a market cap of $94.71 billion, a P/E ratio of -64.40, a P/E/G ratio of 3.71 and a beta of 1.40.

Marvell Technology Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Stockholders of record on Friday, January 10th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. The ex-dividend date was Friday, January 10th. Marvell Technology’s payout ratio is -14.12%.

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of Marvell Technology stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $133,710.00. Following the completion of the sale, the chief financial officer now owns 114,211 shares of the company’s stock, valued at approximately $10,180,768.54. The trade was a 1.30 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Chris Koopmans sold 6,000 shares of the stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $124.40, for a total value of $746,400.00. Following the completion of the transaction, the executive vice president now directly owns 93,931 shares in the company, valued at $11,685,016.40. This represents a 6.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock worth $4,361,430 over the last quarter. Insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Marvell Technology

A number of institutional investors have recently bought and sold shares of MRVL. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% in the third quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after acquiring an additional 326 shares during the period. ORG Partners LLC boosted its position in Marvell Technology by 175.3% during the fourth quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares in the last quarter. Centricity Wealth Management LLC acquired a new stake in Marvell Technology in the fourth quarter valued at approximately $26,000. Quarry LP purchased a new stake in shares of Marvell Technology in the second quarter valued at approximately $32,000. Finally, Kieckhefer Group LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth approximately $33,000. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.