Marvell Technology (NASDAQ:MRVL) Trading Down 7.9% – Here’s What Happened

Shares of Marvell Technology, Inc. (NASDAQ:MRVL) were down 7.9% during trading on Monday . The stock traded as low as $64.47 and last traded at $65.24. Approximately 7,053,969 shares changed hands during mid-day trading, a decline of 44% from the average daily volume of 12,660,595 shares. The stock had previously closed at $70.84.

Analysts Set New Price Targets

A number of equities analysts recently commented on the stock. Melius Research raised shares of Marvell Technology to a “strong-buy” rating in a research report on Monday, January 27th. Needham & Company LLC dropped their price target on Marvell Technology from $120.00 to $100.00 and set a “buy” rating for the company in a research note on Thursday, March 6th. Craig Hallum upped their price objective on shares of Marvell Technology from $132.00 to $149.00 and gave the stock a “buy” rating in a research report on Monday, January 6th. William Blair upgraded shares of Marvell Technology to a “strong-buy” rating in a research report on Wednesday, February 5th. Finally, Raymond James set a $110.00 price target on shares of Marvell Technology in a research report on Thursday, March 6th. Three equities research analysts have rated the stock with a hold rating, twenty-four have given a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $120.44.

Marvell Technology Stock Performance

The company’s 50-day moving average price is $107.36 and its two-hundred day moving average price is $93.97. The company has a market capitalization of $58.11 billion, a price-to-earnings ratio of -39.51, a PEG ratio of 1.61 and a beta of 1.42. The company has a debt-to-equity ratio of 0.30, a current ratio of 1.60 and a quick ratio of 1.11.

Marvell Technology Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 30th. Shareholders of record on Friday, January 10th were issued a dividend of $0.06 per share. The ex-dividend date was Friday, January 10th. This represents a $0.24 dividend on an annualized basis and a yield of 0.36%. Marvell Technology’s payout ratio is currently -23.53%.

Insider Transactions at Marvell Technology

In other Marvell Technology news, EVP Chris Koopmans sold 6,000 shares of Marvell Technology stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $735,000.00. Following the completion of the sale, the executive vice president now directly owns 97,244 shares in the company, valued at approximately $11,912,390. The trade was a 5.81 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Willem A. Meintjes sold 1,500 shares of the stock in a transaction that occurred on Monday, December 16th. The stock was sold at an average price of $122.50, for a total value of $183,750.00. Following the transaction, the chief financial officer now owns 112,711 shares in the company, valued at $13,807,097.50. The trade was a 1.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 36,255 shares of company stock valued at $4,330,980. Corporate insiders own 0.33% of the company’s stock.

Institutional Investors Weigh In On Marvell Technology

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Centricity Wealth Management LLC acquired a new stake in shares of Marvell Technology in the 4th quarter valued at about $26,000. ORG Partners LLC grew its position in Marvell Technology by 175.3% in the 4th quarter. ORG Partners LLC now owns 234 shares of the semiconductor company’s stock valued at $26,000 after purchasing an additional 149 shares during the period. Rialto Wealth Management LLC bought a new stake in Marvell Technology during the 4th quarter valued at $27,000. Kieckhefer Group LLC acquired a new position in Marvell Technology during the fourth quarter worth $33,000. Finally, Financial Life Planners bought a new position in shares of Marvell Technology in the fourth quarter valued at $33,000. 83.51% of the stock is owned by 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.