Marvell Technology (NASDAQ:MRVL) Shares Down 2.3% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price dropped 2.3% during trading on Friday . The stock traded as low as $106.63 and last traded at $106.25. Approximately 1,505,087 shares traded hands during trading, a decline of 88% from the average daily volume of 12,607,666 shares. The stock had previously closed at $108.71.

Analyst Ratings Changes

Several research analysts have weighed in on MRVL shares. StockNews.com raised Marvell Technology from a “sell” rating to a “hold” rating in a research note on Thursday, January 9th. UBS Group boosted their price objective on Marvell Technology from $110.00 to $115.00 and gave the company a “buy” rating in a research report on Wednesday, December 4th. Oppenheimer raised their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a report on Wednesday, December 4th. Rosenblatt Securities lifted their price target on shares of Marvell Technology from $120.00 to $140.00 and gave the company a “buy” rating in a research note on Wednesday, December 4th. Finally, Cantor Fitzgerald increased their price objective on shares of Marvell Technology from $120.00 to $135.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Three equities research analysts have rated the stock with a hold rating, twenty-four have assigned a buy rating and two have given a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $127.60.

Marvell Technology Trading Down 4.5 %

The company has a market cap of $89.86 billion, a P/E ratio of -61.09, a PEG ratio of 1.61 and a beta of 1.40. 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 business has a 50 day moving average price of $113.59 and a 200-day moving average price of $92.25.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were paid a $0.06 dividend. This represents a $0.24 dividend on an annualized basis and a yield of 0.23%. The ex-dividend date was Friday, January 10th. Marvell Technology’s dividend payout ratio is currently -14.12%.

Insider Activity

In related news, CFO Willem A. Meintjes sold 1,500 shares of the firm’s stock in a transaction dated Monday, December 16th. The shares were sold at an average price of $122.50, for a total value of $183,750.00. Following the completion of the sale, the chief financial officer now directly owns 112,711 shares in the company, valued at approximately $13,807,097.50. This trade represents a 1.31 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, COO Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $106.35, for a total value of $638,100.00. Following the transaction, the chief operating officer now directly owns 87,931 shares in the company, valued at approximately $9,351,461.85. This trade represents a 6.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 36,255 shares of company stock valued at $4,330,980 in the last quarter. Company insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

A number of large investors have recently added to or reduced their stakes in MRVL. Zweig DiMenna Associates LLC raised 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 purchasing an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new position in Marvell Technology in the 4th quarter valued at about $637,000. RFG Advisory LLC raised its holdings in Marvell Technology by 6.2% in the 4th quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after acquiring an additional 2,507 shares during the period. Braun Stacey Associates Inc. acquired a new stake in Marvell Technology during the third quarter worth approximately $16,435,000. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Marvell Technology by 2.1% during the third quarter. Charles Schwab Investment Management Inc. now owns 3,261,887 shares of the semiconductor company’s stock worth $235,247,000 after acquiring an additional 66,654 shares during the period. 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.