Marvell Technology (NASDAQ:MRVL) Stock Price Down 3.5% – Here’s Why

Marvell Technology, Inc. (NASDAQ:MRVL) dropped 3.5% on Monday . The company traded as low as $59.24 and last traded at $59.84. Approximately 4,269,960 shares traded hands during trading, a decline of 67% from the average daily volume of 12,881,642 shares. The stock had previously closed at $62.04.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. William Blair raised shares of Marvell Technology to a “strong-buy” rating in a research note on Wednesday, February 5th. Evercore ISI upped their price objective on Marvell Technology from $98.00 to $122.00 and gave the company an “outperform” rating in a research note on Monday, December 2nd. Barclays lowered their price objective on shares of Marvell Technology from $150.00 to $130.00 and set an “overweight” rating on the stock in a research note on Thursday, March 6th. Oppenheimer increased their target price on Marvell Technology from $110.00 to $125.00 and gave the stock an “outperform” rating in a research report on Wednesday, December 4th. Finally, Stifel Nicolaus cut their price target on shares of Marvell Technology from $130.00 to $115.00 and set a “buy” rating on the stock in a report on Thursday, March 6th. 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 stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Down 1.0 %

The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11. The firm has a market cap of $53.17 billion, a P/E ratio of -36.07, a price-to-earnings-growth ratio of 1.61 and a beta of 1.42. The company’s 50-day simple moving average is $94.05 and its 200 day simple moving average is $93.75.

Marvell Technology Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, May 1st. Investors of record on Friday, April 11th will be issued a dividend of $0.06 per share. This represents a $0.24 annualized dividend and a yield of 0.39%. The ex-dividend date is Friday, April 11th. Marvell Technology’s payout ratio is -23.53%.

Insider Activity at Marvell Technology

In other news, CAO Panteha Dixon sold 1,430 shares of the company’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 directly owns 31,100 shares of the company’s stock, valued at $2,138,125. This represents a 4.40 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Mark Casper sold 2,500 shares of the company’s stock in a transaction on 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 sale, the executive vice president now 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 disclosure for this sale can be found here. Insiders have sold 37,685 shares of company stock valued at $4,026,768 in the last ninety days. Corporate insiders own 0.33% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in MRVL. Zweig DiMenna Associates LLC increased its holdings in shares of Marvell Technology by 6.3% in the 4th quarter. Zweig DiMenna Associates LLC now owns 213,521 shares of the semiconductor company’s stock valued at $23,583,000 after acquiring an additional 12,700 shares during the period. Berbice Capital Management LLC acquired a new stake in shares of Marvell Technology during the 4th quarter valued at approximately $637,000. RFG Advisory LLC increased its position in shares of Marvell Technology by 6.2% in the fourth quarter. RFG Advisory LLC now owns 42,621 shares of the semiconductor company’s stock valued at $4,708,000 after buying an additional 2,507 shares in the last quarter. Nomura Asset Management Co. Ltd. raised its position in Marvell Technology by 23.0% during 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 last quarter. Finally, Franchise Capital Ltd acquired a new position in shares of Marvell Technology during the 4th quarter worth approximately $1,476,000. Institutional investors and hedge funds 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.