Marvell Technology (NASDAQ:MRVL) Trading Down 2.9% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL) was down 2.9% on Friday . The company traded as low as $113.64 and last traded at $114.75. Approximately 2,975,536 shares were traded during mid-day trading, a decline of 69% from the average daily volume of 9,616,507 shares. The stock had previously closed at $118.17.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Morgan Stanley upped their price target on Marvell Technology from $102.00 to $120.00 and gave the company an “equal weight” rating in a research report on Friday, December 20th. Evercore ISI increased their price objective on shares of Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a report on Monday, December 2nd. UBS Group increased their target price on shares of Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” 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, Stifel Nicolaus boosted their target price on Marvell Technology from $125.00 to $130.00 and gave the company a “buy” rating in a research note on Monday, January 6th. Three research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $121.28.

Marvell Technology Trading Down 3.3 %

The business has a fifty day simple moving average of $103.93 and a 200 day simple moving average of $82.88. The stock has a market capitalization of $98.92 billion, a price-to-earnings ratio of -67.25, a price-to-earnings-growth 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 Announces Dividend

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

Insider Buying and Selling at Marvell Technology

In other Marvell Technology news, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction on Tuesday, October 15th. The shares were sold at an average price of $80.50, for a total transaction of $120,750.00. Following the completion of the sale, the chief financial officer now owns 110,253 shares in the company, valued at approximately $8,875,366.50. The trade was a 1.34 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Michael G. Strachan sold 5,000 shares of Marvell Technology stock in a transaction on Monday, January 6th. The stock was sold at an average price of $122.65, for a total transaction of $613,250.00. Following the transaction, the director now directly owns 30,959 shares in the company, valued at $3,797,121.35. This represents a 13.90 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 180,000 shares of company stock worth $15,163,420. Insiders own 0.33% of the company’s stock.

Institutional Trading of Marvell Technology

A number of hedge funds have recently bought and sold shares of MRVL. Davidson Kempner Capital Management LP increased its position in shares of Marvell Technology by 26.5% during the 2nd quarter. Davidson Kempner Capital Management LP now owns 250,000 shares of the semiconductor company’s stock valued at $17,482,000 after purchasing an additional 52,365 shares during the last quarter. Braun Stacey Associates Inc. purchased a new stake in Marvell Technology during the third quarter worth about $16,435,000. Charles Schwab Investment Management Inc. increased its holdings in 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 buying an additional 66,654 shares during the last quarter. Nomura Asset Management Co. Ltd. raised its position in Marvell Technology by 23.0% in 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 acquiring an additional 535,203 shares during the period. Finally, Franchise Capital Ltd bought a new position in shares of Marvell Technology during the 4th quarter valued at approximately $1,476,000. 83.51% of the stock is currently owned by institutional investors.

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.