Marvell Technology (NASDAQ:MRVL) Stock Price Down 4.4% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were down 4.4% during trading on Wednesday . The company traded as low as $67.24 and last traded at $68.53. Approximately 5,568,218 shares were traded during trading, a decline of 56% from the average daily volume of 12,561,598 shares. The stock had previously closed at $71.67.

Analyst Ratings Changes

Several research analysts recently commented on MRVL shares. Melius started coverage on shares of Marvell Technology in a report on Monday, January 27th. They issued a “buy” rating and a $188.00 price objective for the company. KeyCorp cut their price target on Marvell Technology from $135.00 to $115.00 and set an “overweight” rating for the company in a report on Thursday, March 6th. Summit Insights lowered Marvell Technology from a “buy” rating to a “hold” rating in a research note on Thursday, March 6th. UBS Group increased their price objective on Marvell Technology from $110.00 to $115.00 and gave the stock a “buy” rating in a report on Wednesday, December 4th. Finally, Craig Hallum lifted 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. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat, Marvell Technology has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Trading Down 7.0 %

The stock has a market capitalization of $57.71 billion, a P/E ratio of -39.34, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The stock’s fifty day moving average price is $97.34 and its two-hundred day moving average price is $93.91. The company has a current ratio of 1.60, a quick ratio of 1.11 and a debt-to-equity ratio of 0.30.

Marvell Technology Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, May 1st. Shareholders 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 annualized dividend and a yield of 0.36%. Marvell Technology’s payout ratio is -23.53%.

Insider Activity

In other news, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $118.33, for a total transaction of $177,495.00. Following the completion of the sale, the chief financial officer now owns 111,211 shares of the company’s stock, valued at approximately $13,159,597.63. This represents a 1.33 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CAO Panteha Dixon sold 1,430 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $68.75, for a total transaction of $98,312.50. Following the completion of the transaction, the chief accounting officer now owns 31,100 shares in the company, valued at $2,138,125. This represents a 4.40 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,685 shares of company stock valued at $4,026,768. 0.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Marvell Technology

Institutional investors have recently added to or reduced their stakes in the company. Great Valley Advisor Group Inc. boosted its holdings in shares of Marvell Technology by 2.5% during the third quarter. Great Valley Advisor Group Inc. now owns 6,480 shares of the semiconductor company’s stock worth $467,000 after purchasing an additional 156 shares during the period. Cerity Partners LLC lifted its holdings in Marvell Technology by 84.3% in the 3rd quarter. Cerity Partners LLC now owns 61,016 shares of the semiconductor company’s stock worth $4,401,000 after buying an additional 27,902 shares during the period. Summit Trail Advisors LLC grew its position in shares of Marvell Technology by 6.4% in the 3rd quarter. Summit Trail Advisors LLC now owns 6,178 shares of the semiconductor company’s stock worth $446,000 after buying an additional 373 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Marvell Technology by 15.0% in the 3rd quarter. Daiwa Securities Group Inc. now owns 133,517 shares of the semiconductor company’s stock worth $9,629,000 after buying an additional 17,415 shares during the last quarter. Finally, Fisher Asset Management LLC increased its stake in shares of Marvell Technology by 2.6% during the third quarter. Fisher Asset Management LLC now owns 2,203,310 shares of the semiconductor company’s stock valued at $158,903,000 after buying an additional 56,606 shares during the period. Hedge funds and other institutional investors own 83.51% of the company’s stock.

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.