Marvell Technology (NASDAQ:MRVL) Shares Down 2% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) dropped 2% during trading on Thursday . The company traded as low as $64.93 and last traded at $65.46. Approximately 3,832,138 shares were traded during trading, a decline of 70% from the average daily volume of 12,584,913 shares. The stock had previously closed at $66.76.

Analysts Set New Price Targets

Several brokerages recently weighed in on MRVL. JPMorgan Chase & Co. increased their target price on Marvell Technology from $90.00 to $130.00 and gave the stock an “overweight” rating in a research report on Wednesday, December 4th. Wells Fargo & Company reaffirmed an “overweight” rating on shares of Marvell Technology in a research note on Thursday, March 6th. Susquehanna increased their target price on shares of Marvell Technology from $110.00 to $125.00 and gave the stock a “positive” rating in a research report on Wednesday, December 4th. Cantor Fitzgerald lifted their price target on shares of Marvell Technology from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Wednesday, December 4th. Finally, Summit Insights lowered shares of Marvell Technology from a “buy” rating to a “hold” rating in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $120.44.

Marvell Technology Stock Performance

The firm has a 50 day moving average price of $94.05 and a 200-day moving average price of $93.47. The company has a debt-to-equity ratio of 0.30, a quick ratio of 1.11 and a current ratio of 1.60. The company has a market cap of $53.73 billion, a P/E ratio of -36.49, a P/E/G ratio of 1.61 and a beta of 1.42.

Marvell Technology Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be given a dividend of $0.06 per share. This represents a $0.24 dividend on an annualized basis and a yield of 0.39%. The ex-dividend date of this dividend is Friday, April 11th. Marvell Technology’s dividend payout ratio (DPR) is currently -23.53%.

Insider Buying and Selling

In other Marvell Technology news, EVP Mark Casper sold 2,500 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $113.00, for a total value of $282,500.00. Following the completion of the transaction, the executive vice president now directly owns 24,706 shares of the company’s stock, valued at approximately $2,791,778. The trade was a 9.19 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the company’s stock in a transaction on Monday, March 17th. The shares were sold at an average price of $68.83, for a total value of $103,245.00. Following the transaction, the chief financial officer now directly owns 113,592 shares in the company, valued at $7,818,537.36. This trade represents a 1.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,685 shares of company stock valued at $4,026,768 over the last three months. 0.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Marvell Technology

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in MRVL. Centricity Wealth Management LLC acquired a new stake in Marvell Technology during the 4th quarter worth $26,000. ORG Partners LLC boosted its stake 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 buying an additional 149 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Marvell Technology during the 4th quarter worth approximately $27,000. Kieckhefer Group LLC bought a new stake in Marvell Technology during the fourth quarter worth $33,000. Finally, Financial Life Planners bought a new stake in shares of Marvell Technology in the 4th quarter valued at about $33,000. 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.