Marvell Technology (NASDAQ:MRVL) Shares Down 16.1% – Here’s What Happened

Marvell Technology, Inc. (NASDAQ:MRVL)’s share price was down 16.1% on Monday . The company traded as low as $103.00 and last traded at $104.09. Approximately 13,636,764 shares were traded during mid-day trading, an increase of 25% from the average daily volume of 10,866,367 shares. The stock had previously closed at $124.02.

Analyst Ratings Changes

A number of analysts have weighed in on MRVL shares. Cantor Fitzgerald raised their price target on Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research note on Wednesday, December 4th. Melius started coverage on Marvell Technology in a research note on Monday. They issued a “buy” rating and a $188.00 price target on the stock. Morgan Stanley cut their price target on Marvell Technology from $120.00 to $113.00 and set an “equal weight” rating on the stock in a research note on Tuesday. Benchmark reiterated a “buy” rating and set a $135.00 target price (up previously from $115.00) on shares of Marvell Technology in a research report on Wednesday, December 4th. Finally, Evercore ISI lifted their target price on Marvell Technology from $98.00 to $122.00 and gave the stock an “outperform” rating in a research report on Monday, December 2nd. Three analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.60.

Marvell Technology Price Performance

The stock has a fifty day simple moving average of $110.63 and a two-hundred day simple moving average of $86.85. The company has a market cap of $92.41 billion, a PE ratio of -62.82, a price-to-earnings-growth ratio of 4.12 and a beta of 1.41. 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 Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 30th. Stockholders of record on Friday, January 10th will be paid a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a dividend yield of 0.22%. The ex-dividend date of this dividend is Friday, January 10th. Marvell Technology’s dividend payout ratio (DPR) is -14.12%.

Insider Transactions at Marvell Technology

In other news, EVP Chris Koopmans sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total transaction of $534,840.00. Following the sale, the executive vice president now owns 103,244 shares of the company’s stock, valued at $9,203,170.16. The trade was a 5.49 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $89.14, for a total value of $133,710.00. Following the sale, the chief financial officer now directly owns 114,211 shares in the company, valued at $10,180,768.54. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $4,361,430 in the last quarter. 0.33% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. True Wealth Design LLC raised its position in shares of Marvell Technology by 1,481.8% during the 3rd quarter. True Wealth Design LLC now owns 348 shares of the semiconductor company’s stock worth $25,000 after purchasing an additional 326 shares during the last quarter. ORG Partners LLC raised its position in shares of Marvell Technology by 175.3% during the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock worth $26,000 after purchasing an additional 149 shares during the last quarter. Strategic Investment Solutions Inc. IL acquired a new position in shares of Marvell Technology during the 2nd quarter worth approximately $32,000. Quarry LP acquired a new position in shares of Marvell Technology during the 2nd quarter worth 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 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.