Marvell Technology (NASDAQ:MRVL) Shares Down 2.9% – Here’s Why

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) fell 2.9% on Wednesday . The company traded as low as $90.40 and last traded at $90.45. 955,301 shares traded hands during trading, a decline of 92% from the average session volume of 11,964,241 shares. The stock had previously closed at $93.14.

Analyst Upgrades and Downgrades

MRVL has been the subject of several analyst reports. Needham & Company LLC reissued a “buy” rating and issued a $95.00 target price on shares of Marvell Technology in a report on Friday, August 30th. Barclays increased their price objective on shares of Marvell Technology from $80.00 to $85.00 and gave the stock an “overweight” rating in a research note on Friday, August 30th. Wells Fargo & Company lifted their target price on shares of Marvell Technology from $90.00 to $110.00 and gave the company an “overweight” rating in a research note on Tuesday. Benchmark increased their price target on Marvell Technology from $105.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, August 30th. Finally, StockNews.com upgraded Marvell Technology from a “sell” rating to a “hold” rating in a research report on Friday, November 22nd. Three research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $95.39.

Marvell Technology Price Performance

The company has a quick ratio of 1.26, a current ratio of 1.79 and a debt-to-equity ratio of 0.28. The firm has a 50 day moving average price of $81.82 and a 200-day moving average price of $74.05.

Marvell Technology (NASDAQ:MRVL) last issued its quarterly earnings results on Thursday, August 29th. The semiconductor company reported $0.30 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.30. Marvell Technology had a positive return on equity of 4.31% and a negative net margin of 18.30%. The company had revenue of $1.27 billion during the quarter, compared to the consensus estimate of $1.25 billion. During the same period last year, the company earned $0.18 earnings per share. Marvell Technology’s revenue was down 5.1% on a year-over-year basis. Research analysts expect that Marvell Technology, Inc. will post 0.78 EPS for the current fiscal year.

Marvell Technology Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, October 31st. Investors of record on Friday, October 11th were paid a dividend of $0.06 per share. The ex-dividend date of this dividend was Friday, October 11th. This represents a $0.24 dividend on an annualized basis and a dividend yield of 0.27%. Marvell Technology’s dividend payout ratio is presently -21.62%.

Insider Activity at Marvell Technology

In related news, Director Ford Tamer sold 92,000 shares of the business’s stock in a transaction on Thursday, September 12th. The stock was sold at an average price of $74.16, for a total transaction of $6,822,720.00. Following the completion of the transaction, the director now owns 351,193 shares in the company, valued at $26,044,472.88. The trade was a 20.76 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mark Casper sold 2,500 shares of the stock in a transaction on Tuesday, October 1st. The stock was sold at an average price of $70.83, for a total value of $177,075.00. Following the completion of the sale, the executive vice president now owns 22,494 shares in the company, valued at approximately $1,593,250.02. The trade was a 10.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 267,000 shares of company stock worth $20,899,260. Insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several large investors have recently added to or reduced their stakes in the stock. Ameriprise Financial Inc. raised its stake in shares of Marvell Technology by 24.1% during the second quarter. Ameriprise Financial Inc. now owns 11,623,872 shares of the semiconductor company’s stock valued at $812,509,000 after acquiring an additional 2,254,610 shares in the last quarter. Swedbank AB lifted its holdings in shares of Marvell Technology by 653.5% in the 2nd quarter. Swedbank AB now owns 2,334,015 shares of the semiconductor company’s stock worth $163,148,000 after buying an additional 2,024,269 shares during the period. Temasek Holdings Private Ltd grew its position in shares of Marvell Technology by 581.8% during the 3rd quarter. Temasek Holdings Private Ltd now owns 2,240,085 shares of the semiconductor company’s stock worth $161,555,000 after buying an additional 1,911,532 shares in the last quarter. Holocene Advisors LP purchased a new position in shares of Marvell Technology during the third quarter valued at $120,116,000. Finally, Van ECK Associates Corp raised its holdings in shares of Marvell Technology by 26.6% in the third quarter. Van ECK Associates Corp now owns 7,471,823 shares of the semiconductor company’s stock valued at $538,868,000 after acquiring an additional 1,570,050 shares in the last quarter. 83.51% of the stock is owned by hedge funds and other institutional investors.

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.